chapter 8 Real Estate taxes

Question 1

adjusts for assessment variations

Answer 1

Equalization Factor

Question 2

list of all taxable property

Answer 2

assessment roll

Question 3

estimate base on probable sales price

Answer 3

Full value assessment

Question 4

tax set according to value (According to Value)

Answer 4

Ad Valorem Tax

Question 5

value used for tax purposes

Answer 5

Assed Value

Question 6

collection of overdue taxes through public auction of property

Answer 6

Tax sale

Question 7

one-thousandth of a dollar

Answer 7

Mill

Question 8

seizing of property for unpaid taxes

Answer 8

Tax foreclosure

Question 9

reassessment of all municipality’s ratables

Answer 9

Revaluation

Question 10

municipality’s financial claim against real property

Answer 10

Tax Lien (levy)

Question 11

a taxable property

Answer 11

Ratable

Question 12

tax only on property directly benefiting from an improvement

Answer 12

Special Assessment

Question 13

time in which a foreclosed owner can regain property

Answer 13

Redemption period

Question 14

Real Estate taxes are divided into two types

Answer 14

General Real Estate or AD Valorem tax AND Special Assessment or Improvement tax.

Question 15

Home owners aged 65 or disable. Qualified for a $250 annual deduction from property taxes is called

Answer 15

Exemptions from General Taxes

Question 16

An annual deduction of up to $250 from taxes due on real or personal property is available to qualified

Answer 16

War veterans and unmarried surviving spouses

Question 17

allows farmlands a different assessment rate when they have a gross sale of $500 per year on the first five acres. gross sales must average $5 per acre on qualify agriculture land

Answer 17

Farmland Reassessment Act

Question 18

Religious, charitable, and other not-for-profit purpose are totally

Answer 18

Exempt from property taxes

Question 19

Property taxes become a lien on the land on?

Answer 19

January 1st