Key Terms - Chapter 3 Flashcards
1
Q
ad valorem
A
according to value
2
Q
appraisal
A
the process of determining a market value
3
Q
assessed value
A
the value placed upon property for purposes of taxation
4
Q
assessment
A
the determination of a value of the property for taxation purposes
5
Q
market value
A
The value the market places on a property
6
Q
mill rate
A
A tax rate based upon one-tenth of one cent. This equates to one-thousandth of a dollar.
7
Q
mills
A
The tax rate is
typically stated in terms of “x” number of mills (i.e., 15 mills).
8
Q
horizontal adjustment
A
A horizontal adjustment upward or downward may be made at the four-year interval between the eight-year adjustments. Every property is adjusted the same percentage.
