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10 Cards in this Set
- Front
- Back
Patent Defect |
Obvious Defect Can be discovered as result of a reasonable inspection. |
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Innocent Misrepresentation |
Innocent misstatement of facts Furnace new so must be OK....bad installation |
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Listing Agreement |
Must be signed by all parties holding title. Listing owner must be given true copy |
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AD VALORUM |
Taxes are paid according to VALUE |
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ASSESSED VALUATION |
Value placed on property for tax purpose. Not the APPRAISED VALUE |
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ASSESSMENT RATE |
Ratio between Appraised value and Assessed value 50% in Michigan |
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What is 1 mill? |
1 mill is 1/10 of a cent. .001 50 mills = .050 = 5% = $5.00/$100.00 |
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TAX CALCULATION |
TAX DUE _________________________________ ASSESSED VALUE x TAX MILLAGE |
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Property appraised value is $80,000, tax rate is $6.00/$100.00. How much in tax is paid? |
Assessed Value = $80,000 x 50% = $40,000 Tax = $40,000 x 6% = $2400.00 |
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Tax due is $1200. Appraised value $60,000. What is tax rate? |
$1200.00 / $30,000 = .04 = 4% = 40 mills |