Section 18 Flashcards Preview

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Flashcards in Section 18 Deck (4)
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1
Q

One Mill

A

One mill equals 1/1000th of a dollar expressed as 0.001.

2
Q

Taxes Due

A

Taxable Value x Tax Rate = Taxes Due

3
Q

What are the 3 options to protest a property tax assessment?

A
  1. Informal meeting with the property appraiser; 2. File an appeal with the Value Adjustment board; 3. Litigate in court.
4
Q

Ad Valorem

A

Based on a determined “fair value” of the property- not an arbitrary value. Property tax is called an ad valorem tax.