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Ch. 3

Vocab: Property Taxation & Assessment

TermDefinition
Ad Valorem Latin meaning "according to value." The basis for taxes on real property.
Assessed Value The value to which a local tax rate is applied to calculate the amount of real property tax.
Assessment A levy against property.
Market Value The value in terms of money agreed upon by a willing buyer and seller, neither being under undue pressure and each being knowledgeable of market conditions at the time.
Mills Tax rate based on theory of 1/10th of 1cent (or .1 of 1 c., .001 of tax value). *Mills is not used NC, but may show up on national portion of the state examination.
Mill Rate Mill rate of 15 would represent 15 x .001 (or .015 x tax value).Rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property. *Mills is not used NC , but nationally, some states use this to compute real estate taxes.
Appraisal An estimate of property value based on factual data.
NC Machinery (Revenue) Act State law sets forth process counties carry out to determine property's AV for ad valorem r.e. taxes. In NC, AV=100%MV. Octennial (8yr appraisal); rates can change annually; horizontal adjustments (across board to all properties every 4 yrs).
Created by: laurenk1996
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