Chapter 2 Flashcards
Total amount of property taxes imposed on all property in the tax unit is what
Levy
What is the purpose of truth in taxation?
 to make taxpayers aware
To allow taxpayers in certain case to limit a tax increase
If TNT is not followed, one of the effects of failure to comply is
Taxpayer and junction lawsuits, and could interfere with timely tax collection
Dollar amount of taxes that will be imposed on every 100 of taxable value
 Expressed in dollars per 100 of taxable value abbreviated
 treated like percent in calculations what is this?
Rate
What is the formula for rate?
 levy divided by taxable value X 100
Limit on tax increases is
Voter approval tax rate
What is the fourth step in adoption for tax rate?
Proposed tax rate
Who must perform two official steps to Levia text adopt the official tax rate, approve the tax roll
Governing body
Steps in levying a tax rate
 certification of the appraisal roll
 analyze of appraisal roll
 preliminary calculations and notices
Governing body proposes a tax rate
 public hearings, and related notices
 Governing body adopts the tax rate
 create of the tax roll
Governing body administers, automatic election, if necessary 
The two meanings of term Levy
 a verb to take the official actions to impose tax
 a noun, the total amount of property taxes imposed on property in a Texan unit
a dollar amount of taxes that will be imposed on every 100 of taxable value
Tax rate
Common exemptions
Homestead
Over 65
School Mandatory exemption
$40,000
Optional general percentage exemption up to
20% with minimum of $5000
If calculated tax is more than the ceiling amount, the assessor substitutes the ceiling amount. This is.
Text ceiling limitation
