REE ch.4 unit 9 Flashcards

REE ch.4 unit 9 Flashcards Tax rate is calculated based onthe local tax requirements and the tax base.the assessment of the property.a flat tax amount approved by the local taxing authority.a tax rate approved by the state legislature.the local tax requirements and the tax base.A homeowner's property tax bill is derived bydividing the tax requirement by the tax base.multiplying each district's tax rate by the assessed value of the owner's property.dividing tax dollars needed by the taxable assessed value.multiplying the tax requirement by the tax base.multiplying each district's tax rate by the assessed value of the owner's property.Where does a property owner file an assessment complaint?The mayor's office in the city or town where the property is located.The local taxing authority in the city or town where the property is located.The state legislature.With either the assessor or the board of assessment review.With either the assessor or the board of assessment review.As part of the assessment process, taxing entities sometimes use an equalization process toadjust millage rates within the district to ensure fairness.modify the tax rate from one neighborhood to the next.ensure that property owners have nearly equal tax bills.smooth out wide discrepancies of assessed values within the district.smooth out wide discrepancies of assessed values within the district.What is an ad valorem tax levy?The total of the assessed values of all real properties within a taxing jurisdictionThe sum of all the taxes a local taxing jurisdiction collects in a tax yearThe part of a taxing body's budgeted expenses that must come from real property taxesThe number of dollars per thousand dollars of assessed value that a real property owner must pay in property taxes The part of a taxing body's budgeted expenses that must come from real property taxes What option is available to a homeowner who receives a tax bill that he or she feels is too high?File an appeal to adjust the millage rate.Ask for an adjustment to the district's budget.File a complaint with the local board of assessment review.Live with it until the next assessment period.File a complaint with the local board of assessment review.Assessors are usually not allowed to do "spot" reassessments of individual parcels unlessa property has not been assessed for a statutory number of years.zoning has changed since the last assessment.a new owner has taken possession since the last assessment.a material change in the property has been reported.a material change in the property has been reported.

Which of the following is a qualification of a property owner for a homestead exemption?reside on the property.have a house on the property.be 55 years old.have children.reside on the property.What is a tax levy?The amount of money the municipality must raise through the property tax.A property's assessment of its fair market value.An automatic tax increase due to an increase in property assessments.A tax that is usually paid in installments over a number of years.The amount of money the municipality must raise through the property tax.The buyer of a tax certificateobtains immediate legal title to a foreclosed property.is exempted from the payment of property taxes for one calendar year.agrees to pay the taxes due on a property in return for the right to apply for a deed.obtains the right to bid on a property at a tax sale.agrees to pay the taxes due on a property in return for the right to apply for a deed.Certain classes of property owner and types of property areexempted or immune from real property taxation in many areas. The protected categories usually includerecreational properties.properties owned by a government agency.properties that comply with the Americans with Disabilities Act.properties occupied by single-parent families.properties owned by a government agency.A special assessment creates a voluntary tax lien ifall taxpayers in a taxing district have voted for it.the affected property owners have requested the improvement.a taxing entity initiates the assessment.the improvement to be funded is for the general good.the affected property owners have requested the improvement.What are ad valorem taxes based on?The replacement value of propertyThe assessed value of propertyThe millage value of propertyThe broker's estimate of value The assessed value of property What is a tax deed?A conveyance instrument for a property that is sold to enforce a tax lien.A document recorded in title records showing that property taxes have been paid.A notice to a homeowner that a tax lien has been entered against the property.A document that gives a municipal authority the power to collect an individual tax bill.A conveyance instrument for a property that is sold to enforce a tax lien.In calculating the tax base of an area,exemptions are added to assessed values.exemptions are subtracted from assessed values.the tax levy is added to the budget shortfall.the millage rate is multiplied by the tax levy.exemptions are subtracted from assessed values.Who has the burden of proof for an assessment change when a homeowner appeals an assessment?The assessorThe tax appraiserThe homeownerThe board of assessment review The homeowner What is the role of local tax districts?To encourage the sale of properties.To increase the value of properties within the district.To collect property taxes.To assess property taxes

on commercial properties.To collect property taxes.What does a tax certificate do?Certifies to tax collectors that a property owner has paid all ad valorem taxes on the

property for the calendar year.Entitles its holder to apply for a tax deed after a certain period.Exempts its holder from paying taxes on the particular property referenced by the certificate.Waives a property owner's rights of redemption in a foreclosure.Entitles its holder to apply for a tax deed after a certain period.