CHP 7 - Real Property Taxation

Question 1

Two reasons for taxing land

Answer 1

stability, reliability and productivity

Question 2

Taxing District Examples

Answer 2

school districts, library districts, county bridge and highway depts.

Question 3

Special tax vs. Permanent Tax District

Answer 3

Special tax districts no longer exists once they’ve been paid for

Question 4

Exempt Properties

Answer 4

Govt'
Religous orgs
Agricultural/Forest
Non profits
Homestead

Question 5

Appraisal Methods

Answer 5

sales comparison
cost
income

Question 6

What trigeers reassessment

Answer 6

Improvements

Question 7

Homestead Exemption

Answer 7

Portion of a propertys value exempt from tax bc it’s a family residence

Question 8

Tax Base =

Answer 8

Assessed values of ALL real property in the area- exemptions

Question 9

Tax Rate =

Answer 9

tax requirement/tas base`

Question 10

Taxable Value =

Answer 10

after all exemptions and adjustments

Question 11

In Rem Proceeding

Answer 11

Proceeding against a thing rather than a person to collect tax

Question 12

How does a tax certificate work

Answer 12

Pay taxes and after certain time can aply for a tax deed

Question 13

Tax Deed

Answer 13

Property sold for non payment of taxes

Question 14

What’s a tax levy

Answer 14

Amoutn of money the municipality must raise through the property tax

Question 15

What’s an ad valorem tax levy

Answer 15

of dollars per thousand dollars of assessed value