Chapter 15 Taxes And Assessments Flashcards Preview

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Flashcards in Chapter 15 Taxes And Assessments Deck (16):

What is the purpose of taxation?

To pay for municipal services.


What is the most important revenue of local governments and school?

Property tax


Property is taxed on an what basis?

Ad Valorem (according to value)


I’m New York real property tax is based on what?

Fair market value of real property.


Assessing units include what? And what do they do?

Counties,cities,towns,villages,school districts and assessment districts. Raise money through real property taxes.


Give an example of a Special assessment districts?

A volunteer fire department.


What type of properties are completely tax exempt?

Properties owned by religious organizations and government owned property.


What two items determine a tax bill?

1. The property’s taxable assessment
2. The tax rate of the taxing jurisdiction in which the property is located


What is a properties assessment ?

A percentage of its maker value.


What is a properties market value.

The amount a property would see under normal conditions.


What is a tax rate?

The amount of revenue needed for the budget of the local government.


What is a approved assessing unit?

A tax jurisdiction that has completed a property re-evaluation and is certified by the office of real property tax services.


What does the homestead class include?

•One,two,three family residential parcels
•Residential condominiums
•Mixed use parcels when they are used mostly for residential purposes
•mobile homes and trailers only when they are owner occupied and separately assessed
•all vacant land parcels not exceeding ten acres that are located in an assessing unit with a zoning law.
•farm dwellings
•land uses for agricultural production and farm buildings and structures on the land


What does the homestead class include?

Commercial,industrial,special franchise and utility property and some vacant land.


Property taxation begins with determining what?

Assessed value


What is the percentage of market value or full value at which properties are assessed within a community?

LOA the level of assessment