Module 3-6 Flashcards
The tax rate available to any taxing district is called the
permanent operating tax rate.
The permanent rate limit can only be raised by a …
double majority of the voters AKA 50%
what is the rate for taxes
per $1000 of assessed value
The rate for the local option tax is calculated as follows:
tax levy amount / taxable assessed value = tax rate
The final rate chargeable to any property is limited by the constitutional limits often called…..
Measure 5 limits.
The amount per $1000 used to calculate taxes on property is called the ______ ______
millage rate.
Property tax is calculated in ______
mills.
When are tax payments due if paying in one lump sum and what discount is received
November 15 3%
when are property taxes due if paying in 3 installments
November 15
February 15
May 15
If the tax payer elects to pay 2/3 of the payment due on November 15 what discount does the tax payer receive
2%
at what monthly rate do late payments acre interest?
1 1/3% of 16% per year
Property is subject to foreclosure when property taxes are how many years late
3
how long does a property owner have to redeem their property against any delinquent property taxes
2 years
must pay all taxes owed plus interest and 5% penalty, $50 redemption fee, and interest at the rate of 9% annum
Taxes are levied and become a lien against the property on July __; tax payments are due November __ of the same calendar year; property tax bills are sent out on or before October __ of each year.
1
15
25
TRUE or FALSE
Property taxes become a lien on property on November 15th.
FALSE
TRUE or FLASE
The real property tax year for the State of Oregon is July 1st through June 30th of the following year.
TRUE
the personal property tax year runs from January __ of the current year through December ___ of the current year.
1
31
Oregon has an ___ ______ property tax system, which means the property taxes you pay are based on the value the county assessor establishes for your property.
ad valorem
the value used to calculate your tax. It is the lesser of RMV or MAV.
assessed value
the greater of 103 percent of the prior year’s assessed value or 100 percent of the prior year’s MAV
Maximum Assessed Value
MAV does not appear on most tax statements.
the value the assessor has estimated your property would sell for on the open market as of the assessment date.
Real Market Value (RMV
RMV appears on most property tax statements.
means a change to property, not including general ongoing maintenance and repair or minor construction.
Exception
a value established by statute.
Specially Assessed Value (SAV)
If you wish to appeal the value of industrial property appraised by the Department of Revenue (DOR), you must file your appeal with the Magistrate Division of the Tax Court. The deadline to file an appeal is December __
31
Appealing to the county _______________________ (BOPTA) is generally the first step in the appeal process. Most appeals start at this level.
Board of Property Tax Appeals
TRUE or FALSE
If property taxes remain unpaid for two years after their due date, the county can initiate tax foreclosure proceedings.
FALSE
Real property is subject to foreclosure when taxes are three years delinquent on May 16th of the third year.
