Flashcards in Chapter 3 Deck (6)
An estimate of property value based on actual data
The value to which a local tax rate is applied to calculate the amount of real property tax.
A levy (tax, fee or fine) against property tax
Latin for "According to value"
The basis for taxes on Real Property
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