chapter 8 Real Estate taxes Flashcards
adjusts for assessment variations
Equalization Factor
list of all taxable property
assessment roll
estimate base on probable sales price
Full value assessment
tax set according to value (According to Value)
Ad Valorem Tax
value used for tax purposes
Assed Value
collection of overdue taxes through public auction of property
Tax sale
one-thousandth of a dollar
Mill
seizing of property for unpaid taxes
Tax foreclosure
reassessment of all municipality’s ratables
Revaluation
municipality’s financial claim against real property
Tax Lien (levy)
a taxable property
Ratable
tax only on property directly benefiting from an improvement
Special Assessment
time in which a foreclosed owner can regain property
Redemption period
Real Estate taxes are divided into two types
General Real Estate or AD Valorem tax AND Special Assessment or Improvement tax.
Home owners aged 65 or disable. Qualified for a $250 annual deduction from property taxes is called
Exemptions from General Taxes
An annual deduction of up to $250 from taxes due on real or personal property is available to qualified
War veterans and unmarried surviving spouses
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
Farmland Reassessment Act
Religious, charitable, and other not-for-profit purpose are totally
Exempt from property taxes
Property taxes become a lien on the land on?
January 1st
