Chapter 3 Property Taxation Flashcards Preview

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Flashcards in Chapter 3 Property Taxation Deck (6)
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1
Q

North Carolina machinery act

A

Eight year appraisal

Rates change every year

Horizontal adjustment

2
Q

Tax assessors valuation

A

Real a state taxation is based on assessed value and that is based on 100% of market value

3
Q

Real property tax in North Carolina

A

Always due on September 1

Pay taxes by year day of closing is paid by seller

Interest is paid month the month

4
Q

Priority of Real Estate Taxes

A

Real estate tax is always the number one lien

Levied ad valorem
According to value

5
Q

Mill rate

A

.1 of 1 cent

6
Q

Assessment

A

A levy against property