Chapter 8: Real Estate Taxes Key Terms Flashcards Preview

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

Ad valorem tax

A

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

2
Q

Assessed value

A

Value used for tax purposes.

3
Q

Assessment roll

A

List of all taxable property.

4
Q

Equalization factor

A

Adjusts for assessment variation.

5
Q

Full value assessment

A

Estimate based on a probable sale price.

6
Q

Mill

A

1/10 of a cent = .001

7
Q

Ratable

A

A taxable property

8
Q

Redemption period

A

Time in which a foreclosed on or can regain property.

9
Q

Revaluation

A

Reassessment of all a municipality’s ratables.

10
Q

Special assessment

A

A tax only on property directly benefiting from an improvement.

11
Q

Tax foreclosure

A

Seizing of property for unpaid taxes.

12
Q

Tax lien

A

A municipalities financial claim against real property.

13
Q

Tax sale

A

Collection of overdue taxes through public auction of property.

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