Real Estate Tax Liens Flashcards
1
Q
Ad valorem real estate tax
A
Raises money for the operation of various local government agencies
Based on the assessed value of the property
2
Q
Tax assessment
A
Assessed values are based on a percentage of the fair market value, determined by reviewing the sales prices of similar homes
200k market value
* .20 assessment rate
40k assessed value
* .05. Tax rate
3
Q
Special assessment
A
Is a tax levied on specific parcels of real estate to pay for local improvements
