Property Taxes
"Ad valorem" means _____.
according to value
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?
government owned schools
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
Which of the following properties are exempt from taxation?
non-profit hospitals churches government-owned schools
Special assessment taxes are usually paid _____.
over a period of years
In most states, if property is sold for failure to pay taxes on it, a property owner may redeem the property by paying back taxes plus _____.
penalties and interest
Special assessment property taxes are usually used to provide funds for special projects that benefit _____.
some citizens
Government entities that have the authority to assess real estate taxes as a source of revenue include _____.
state and local
The redemption period during which an owner may redeem property sold for failure to pay taxes on it is determined by _____.
state law
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 of each property 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
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
Depending on state and/or local law, the assessed value of a property may be _____.
a percentage of the market value or equal to the full market value
