Vocabulary Study Cards Ch. 3 Flashcards
1
Q
Ad Valorem
A
Latin phrase meaning “according to value,” used to refer to taxes assessed on the
value of property.
2
Q
Appraisal
A
The process of determining a market value.
3
Q
Assessment
A
The determination of a value of the property for taxation purposes.
4
Q
Assessed Value
A
The value placed upon property for purposes of taxation.
5
Q
Market Value
A
The value in terms of money agreed upon by a willing buyer and seller, neither being under undue pressure and each being knowledgeable of market conditions at the time.
6
Q
Mill Rate
A
A tax rate based upon one-tenth of one center, or one mill.
7
Q
Mills
A
A measurement equal to one–tenth of one cent and is used to state the property tax rate.
(.001).
