Taxes and Assessment Flashcards
1
Q
ad valorum
A
a term used in connection with real estate taxes that are based on the value of the property
2
Q
assessment ratio
A
the percentage by which the market value is multiplied to arrive at the assessed value for property tax purposes
3
Q
assessed value
A
the value of a property that is used to calculate real estate taxes. It may or may not be equal to the market value but is based on the market value.
4
Q
equalization rate
A
the rate used to equalize the differences between taxing units when calculating taxes to be paid to a higher authority
