Chapter 3 Flashcards
1
Q
Mill Rate (Mills) - National Exam, Not NC
A
A tax rate based upon the theory of .1 of 1 cent or .001 of the tax value. A mill rate of 15 would represent 15X .001 or .015 times the tax value. This method is NOT USED IN NC, but may appear on the NATIONAL PORTION of the state examination.
2
Q
Market Value
A
The value in terms of money agreed upon by a willing buyer and seller, neither being under undue pressure and each being knowledgeable of market conditions at the time.
3
Q
Assessment
A
A levy against property.
4
Q
Assessed Value
A
The value to which a local tax rate is applied to calculate the amount of real property tax.
5
Q
Appraisal
A
An estimate of property value based on factual data.
6
Q
Ad Valorem
A
Latin meaning “according to value.” The basis for taxes on real property.
