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Flashcards in Chapter 3 Deck (6)
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1

Appraisal

An estimate of property value based on actual data

2

Assessed Value

The value to which a local tax rate is applied to calculate the amount of real property tax.

3

Assessment

A levy (tax, fee or fine) against property tax

4

Ad valorem

Latin for "According to value"
The basis for taxes on Real Property

5

Market Value

The value in terms of money agreed upon by a willing seller & buyer
1. Not under pressure
2. Both being knowledgeable of market conditions @ the time

6

Mill Rate

aka Mills
Not in NC
Tax rate theory of 1 cent of the tax value
Ex: Mill rate of 15
15x .001 or 0.15 Xs the tax value