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Real Estate Course
Chapter 14 - Taxes & Assessments
| Term | Definition |
|---|---|
| Assessed Value | A valuation placed upon property by a public officer or a board, as a basis for taxation. |
| Assessments | A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer. |
| Assessing Unit | A city, county, town or village with the authority to value real property for purposes of taxation. |
| Special Assessment | An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited. |
| Approved Assessing Unit | A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations. |
| Special Assessment Districts | A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement. |
| Assessment Review Board | An independent tribunal established to hear assessment appeals. |
| Ad Valorem Taxes | According to valuation. |
| Levy | An assessment of tax. |
| Lien | A legal right or claim upon a specific property which attaches to the property until a debt is satisfied. |
| Appropriation | A sum of money or total assets devoted to a special purpose. |
| Homestead | The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others. |
| Non-homestead | Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property. |
| In Rem | A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.) |
| SCAR is an acronym for what....? | Small Claims Assessment Review |
| What is the formula for equalization rate...? | Total Assessed Value of Municipality / Total Market Value of Municipality |
Created by:
drister05
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