Property Taxation & Assessment

Question 1

Ad valorem

Answer 1

Properties are taxed According to value.

Question 2

Machinery act

Answer 2

North carolina’s guide on property taxation

Question 3

Assessed value

Answer 3

The calculated value of a property. (Done every 8 years). - 100% of market value in NC.

Question 4

Octennial reappraisal

Answer 4

The 8 year reappraisal that needs to be done for correct property taxes

Question 5

Horizontal adjustment

Answer 5

Every four years.
Applies a set percentage increase in the affected area.
(Ie. If the county makes a horizontal adjustment of 20% all the properties in that area go up 20%

Question 6

Front foot

Answer 6

The linear measurement of the width of the property along the side that is being improved

Question 7

Per $100

Answer 7

How tax is measured in NC not including federal.
Market Value / 100 = X
X x Tax Rate = The Annual Tax price

Question 8

Mill rate

Answer 8

How federal tax is measured.

Question 9

Easement in gross (corp)

Answer 9

The agreement benefits a third party. (Ie utility company having an easement on a property like a plumbing main underground)

Question 10

Easement in gross (personal)

Answer 10

Permission
Terminates at death
(Ie a section of private property being opened to a group of hunters)