Chapter 16 - Real Estate Taxes and Assessments Flashcards Preview

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Flashcards in Chapter 16 - Real Estate Taxes and Assessments Deck (24)
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1
Q

Ad valoreum

A

Bassed of assessed value of property.

2
Q

Administrative Review

A

Grievance with Board of Assessment Review - review under the administration.

3
Q

Appropriation

A

Authorization of a tax levy.

4
Q

Approved Assessing Unit

A

Units that assess at 100% market value receive state aid.

5
Q

Assessed Value

A

Value placed on land and buildings by assessor for real estate taxes.

6
Q

Assessing Unit

A

Property within the jurisdiction of an assessor.

7
Q

Assessment

A

Government’s valuation of property for tax purposes.

8
Q

Assessment Roll

A

Public record of assessed values.

9
Q

Board of Assessment Review

A

If a property owner disagrees with an assessment, after meeting with their assessor they can filed a grievance with their Board of Assessment Review, which hears complaints and can lower or raise assessments.

10
Q

Equalization

A

Attempts to measure relationship of locally assessed values in fluid market.

11
Q

Equitable Right of Redemption

A

Right of property holder to pay debt to redeem their property prior to foreclosure sale.

12
Q

Homestead

A

Dwellings of four or less units

13
Q

In Rem

A

Lawsuits or legal actions director towards property rather than specific person - tax foreclosures (specific, involuntary liens)

14
Q

Judicial Review

A

Following administrative review, property holders can challenge an assessment in court by commencing a tax certiorari.

15
Q

Level of assessment

A

Percentage at which a property is assigned relative to market value.

16
Q

Lien

A

Nonpossessory interest in property giving lien holder right to foreclosure if owner does not pay debt owed

17
Q

Non-Homestead

A

Commercial and industrial parcels, vacant land

18
Q

Reassessment

A

Assessments made after new construction, additions, improvements, catastrophes (like a fire).

19
Q

Special Assessment

A

Taxes/levies against real property for improvements.

20
Q

Special Assessment Districts

A

Geographic areas designated to pay for infrastructure costs for specific project - sidewalks, street lamps, curbs, landscaping, etc.

21
Q

Statutory Right of Redemption

A

Delinquent taxpayer is free of liability for unpaid taxes after property has been sold.

22
Q

Tax Levy

A

Formal action taken to impose a tax.

23
Q

Tentative Assessment Roll

A

Completed, certified, and filed by assessor as first step in process - homeowners notified.

24
Q

True Tax

A

Amount that would be paid before any exemptions are subtracted.