Chapter 8: Real Estate Taxes Key Terms Flashcards Preview

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Flashcards in Chapter 8: Real Estate Taxes Key Terms Deck (13):
1

Ad valorem tax

Latin for according to value, taxes based on the value of the property being taxed.

2

Assessed value

Value used for tax purposes.

3

Assessment roll

List of all taxable property.

4

Equalization factor

Adjusts for assessment variation.

5

Full value assessment

Estimate based on a probable sale price.

6

Mill

1/10 of a cent = .001

7

Ratable

A taxable property

8

Redemption period

Time in which a foreclosed on or can regain property.

9

Revaluation

Reassessment of all a municipality's ratables.

10

Special assessment

A tax only on property directly benefiting from an improvement.

11

Tax foreclosure

Seizing of property for unpaid taxes.

12

Tax lien

A municipalities financial claim against real property.

13

Tax sale

Collection of overdue taxes through public auction of property.