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Chapter 7

Real Estate Taxation

QuestionAnswer
What is a TAX DISTRICT? a government entity that levies or has levied for it regular property taxes upon real property located within a proposed or approved revitalization area
What is AD VALOREM tax? taxes levied against property, real or personal, at a certain rate based upon the property's value
What is a 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
What is ASSESSED VALUE? value the real property within their jurisdiction for purposes of levying taxes
What is the HOMESTEAD EXEMPTION? a homestead is a parcel of real property that is owned and occupied as a family home; Some states exempt a portion of the value of the homestead from judgments to protect families against eviction by creditors
What is a TAX LEVY? The part of the budgeted expenditures that cannot be funded from other income sources must come from real property taxes; the budgetary shortfall becomes the ad valorem tax levy
What is a TAX RATE? any rate of tax or assessment which is levied per unit of assessed value of property
What is a SPECIAL ASSESSMENT? a tax levied against specific properties that will benefit from a public improvement
What is a TAX LIEN? a claim the government makes on a property when the owner fails to pay the property taxes
The buyer of a tax certificate agrees to... pay the taxes due and after a period of time may apply for a tax deed on the property
What is a TAX DEED? a legal instrument for conveying title when a property is sold for non-payment of taxes
What is a TAX SALE? the buyer must pay the taxes due, if still unpaid; the defaulted taxpayer may be able to redeem the property and reclaim title; if not redeemed, the state issues the tax deed to convey title to the buyer
State governments may levy property taxes but many delegate this power to... county and local governments
State governments can impose a ___ against real property. tax lien
Counties, cities, municipalties, townships and special tax districts... levy taxes on real property
Tax districts were established to... collect funds for providing specific services, e.g., schools, fire protection, parks, community colleges, libraries, road maintenance
Tax base equals the total of... assessed values of all real property within the area, excluding exemptions
What properties are immune from taxation? government owned properties
What properties are exempt from taxation? properties owned by non-profit-organizations
What is TAXABLE VALUE? the assessed value after all exemptions and adjustments have been taken into account
What is a SPECIAL TAX DISTRICT? pay for the cost of a specific improvement or service that benefits that area
Created by: alli-bohanon
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