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RE Ch 7 Q&A

Real Estate Q&As for Chapter 7

Who can levy taxes on real property to raise funds for providing local services? Counties, cities and municipalities, and townships assessing units and special assessment districts
What is the purpose of taxation? To raise funds to pay for municipal services.
What are property taxes based on? The assessed value of the property
How is assed value determined? According to state law by county or township assessor or appraiser
How often are ad valorem taxes paid? annually
What is the role of the assessor in the taxing process? make the valuation and notify the owner of the assessed value
How is tax base calculated? tax base = assessed values - exemptions
What are the reasons for making the land the basis of taxation? The usual stability of land values makes land taxes predictable; The attachment of taxes to land makes enforcement reliable; Land is traditionally related to productivity and wealth; government takes its share.
What is a taxing district? A taxing district is a governmentally-established entity, defined by a geographical boundary that has the authority to collect taxes for specific purposes.
What are examples of a taxing district? school districts, library districts, and county bridge and highway departments
How does a special tax district differ from a permanent tax district? special tax districts pay for the cost of a specific improvement in a specific area. Special tax districts cease once the cost of the specific project has been paid for, unlike permanent tax districts
What appraisal methods do tax assessors use to determine the assessed value of a property? Assessors use any of the standard appraisal methods—sales comparison, cost, income—to assess properties, depending on the type of property.
What are some circumstances that typically trigger a reassessment of a property? Improvements to the property in general. Specifically, basement finishing, garage additions, swimming pool construction.
What is a "homestead exemption?" A portion of a property's value that is exempted from taxation because the property, or part of it, is owned and occupied as a family residence.
Is a special assessment a voluntary tax lien or an involuntary tax lien? either, depending on whether the citizen has asked for the improvement (voluntary) or the taxing entity has initiated the assessment (involuntary).
What protections might your state offer to a homeowner against the inadvertent loss of ownership for failure to pay property tax? Many states have grace or redemption period, a notification process, and equitable or statutory right of redemption.
How often does the International Association of Assessing Officers (IAAO) guidelines state that assessors should conduct a physical review of properties? At least every 4 - 6 years, including an on-site verification of property characteristics
What are the real property tax exemptions? the use to which the property is put; the owner's ability to pay taxes; the desire of the state and local governments to encourage certain economic or social activities
Created by: medct
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