Chapter 3 Key Terms Flashcards
1
Q
According to value
A
Ad valorem
2
Q
The value placed on property for purposes of taxation.
A
Assessed value
3
Q
The value in terms of money agreed upon by a willing buyer and seller neither being under undue pressure and each being knowledgeable of market conditions at the time.
A
Market value
4
Q
The reappraisal of property every eight years
A
Centennial reappraisal
5
Q
A tax rate based upon 1/10th of one cent or one mill.
A
Mill rate
6
Q
Determining the market value
A
Appraisal
7
Q
The determination of a value of the property ofr taxation purposes
A
Assessment
