Flashcards in Chapter 8: Real Estate Taxes Key Terms Deck (13):
Ad valorem tax
Latin for according to value, taxes based on the value of the property being taxed.
Value used for tax purposes.
List of all taxable property.
Adjusts for assessment variation.
Full value assessment
Estimate based on a probable sale price.
1/10 of a cent = .001
A taxable property
Time in which a foreclosed on or can regain property.
Reassessment of all a municipality's ratables.
A tax only on property directly benefiting from an improvement.
Seizing of property for unpaid taxes.
A municipalities financial claim against real property.