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RE Ch 7 Defs

Real Estate Definitions for Chapter 7

TermDefinition
Real Estate taxation taxation of real estate as property
Tax districts Established by county and local governments to collect funds for providing specific services
Level of assessment adjusting the value by multiplying by a uniform percentage for the municipality
Equalization factors established by jurisdictions to level out the unevenness of valuations
Tax base the total of the appraised or assessed values of all real property within the area's boundaries, excluding partially or totally exempt properties
Tax rate aka millage rate; determines how much of a tax levy the tax base will receive
Value assessment value of the real property within the jurisdiction for purposes of levying taxes
assessed value the result of the valuation process
Tax levy derived every year since budget requirements and revenue tallies are performed on an annual cycle
mill one one-thousandth of a dollar ($.001)
tax rate limitations taxing bodies are forced to limit their budget requirements, unless there has been a sufficient increase in tax base to produce the required funds without raising the millage rate.
Taxable value the assessed value after all exemptions and adjustments have been taken into account.
special assessment a tax levied against specific properties that will benefit from a public improvement
tax lien a lien against real property for the failure to pay property taxes. When title to a property is transferred, the tax lien should be paid first.
in rem proceeding one that is directed against a thing, rather than against a person
equitable right of redemption the taxpayer can redeem the property by paying the delinquent taxes and any other charges before the tax sale occurs
statutory right of redemption the taxpayer redeems the property after the tax sal
Created by: medct