Review Property Taxes

"Ad valorem" means _____.

according to valuation

The primary source of general revenues on which local governments operate normally is from _____ taxes.

ad valorem

The two categories of taxes on real property are special assessment and _____ taxes.

ad valorem

The lien priority for unpaid special assessment taxes on a property is higher than all but _____ liens.

ad valorem tax

The value of property as established for the purpose of determining taxes is called _____ value.

assessed

Which of the following properties are exempt from taxation?

churches non-profit hospitals government-owned schools

Which of the following properties are exempt from taxation?

government-owned schools (not privately owned schools or private clubs)

The lien priority for unpaid ad valorem taxes on a property is _____.

higher than all other liens

Ad valorem taxes are based on the value of _____.

land and improvements

The rate of taxation expressed as thousandths of a dollar is called the _____ rate.

mill

Special assessment taxes are usually paid _____.

over a period of years

Special assessment property taxes are usually used to provide funds for special projects that benefit _____.

some citizens

Street lights added to a neighborhood at the request of that neighborhood would most likely be funded from _____ taxes.

special assessment

The two categories of taxes on real estate property are ad valorem and _____ taxes.

special assessment

Government entities that have the authority to assess real estate taxes as a source of revenue include _____.

state and local

If taxes are not paid on real property, the owner is subject to _____.

tax lien and loss of the property

The amount of a special assessment tax would most likely be based on _____.

the front footage or a fractional basis of the homes involved

Ad valorem taxes are based on the _____ of real property.

value

If a parcel of property had a market value of $100,000 and was assessed at 40% of market value, its assessed value for tax purposes would be _____.

$40,000

One mill is equal to one _____ of one dollar.

.001 (one thousandth)

One mill is equal to one _____ of one cent.

.1 (one tenth)

A millage rate of 10 mills represents a tax rate of _____ of a dollar.

1/100