Chapter 3 Flashcards
1
Q
Appraisal
A
An estimate of property value based on actual data
2
Q
Assessed Value
A
The value to which a local tax rate is applied to calculate the amount of real property tax.
3
Q
Assessment
A
A levy (tax, fee or fine) against property tax
4
Q
Ad valorem
A
Latin for “According to value”
The basis for taxes on Real Property
5
Q
Market Value
A
The value in terms of money agreed upon by a willing seller & buyer
- Not under pressure
- Both being knowledgeable of market conditions @ the time
6
Q
Mill Rate
A
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
