Chapter 8: Real Estate Taxes Key Terms Flashcards
1
Q
Ad valorem tax
A
Latin for according to value, taxes based on the value of the property being taxed.
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 variation.
5
Q
Full value assessment
A
Estimate based on a probable sale price.
6
Q
Mill
A
1/10 of a cent = .001
7
Q
Ratable
A
A taxable property
8
Q
Redemption period
A
Time in which a foreclosed on or can regain property.
9
Q
Revaluation
A
Reassessment of all a municipality’s ratables.
10
Q
Special assessment
A
A tax only on property directly benefiting from an improvement.
11
Q
Tax foreclosure
A
Seizing of property for unpaid taxes.
12
Q
Tax lien
A
A municipalities financial claim against real property.
13
Q
Tax sale
A
Collection of overdue taxes through public auction of property.
