Unit 8: Real Estate Taxes Flashcards
1
Q
ad valorem tax
A
tax set according to value
2
Q
assessed value
A
value used for tax purposes
3
Q
assessment roll
A
list of all taxable property
4
Q
equalization factor
A
adjusts for assessment variations
5
Q
full-value assessment
A
estimate based on the probable sales price
6
Q
mill
A
one-thousandth of a dollar
7
Q
ratable
A
a taxable property
8
Q
redemption period
A
time in which a foreclosed owner can regain property
9
Q
revaluation
A
reassessment of all a municipality’s ratables
10
Q
special assessment
A
tax on property that directly benefitting from an improvement
11
Q
tax foreclosure
A
seizing of property for unpaid taxes
12
Q
tax lien
A
municipality’s financial claim against real property
13
Q
tax sale
A
collection of overdue taxes through public auction of a property
