Chapter 8: Real Estate Taxes

Question 1

a tax levied according to value; generally used to refer to real estate tax

Answer 1

ad valorem tax

Question 2

the valuation place upon property as a basis for taxation

Answer 2

assessed valuation

Question 3

list of all taxable property

Answer 3

assessment roll

Question 4

figure that adjusts assessments for varying community standards

Answer 4

equalization factor

Question 5

estimate based on probable sales price

Answer 5

full-value assessment

Question 6

1/10 of one cent. A tax rate of 52 ____ would be $0.052 tax for each dollar of assessed valuation of property

Answer 6

mill

Question 7

a taxable property

Answer 7

ratable

Question 8

a period of time establish by state law during which a property owner has the right to redeem his or her real estate from a tax sale by paying the sales price, interest, and costs.

Answer 8

redemption period

Question 9

a tax or levy customarily imposed against only those specific parcels of real estate that benefit from a public improvement like a street or sewer

Answer 9

special assessment

Question 10

seizing of property for unpaid taxes

Answer 10

tax foreclosure

Question 11

a charge against property created by operation of law. Tax liens and assessments take priority over all other liens

Answer 11

tax lien

Question 12

a court-ordered sale of real property to raise money to cover delinquent taxes

Answer 12

tax sale