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10 Cards in this Set

  • Front
  • Back

Patent Defect

Obvious Defect


Can be discovered as result of a reasonable inspection.

Innocent Misrepresentation

Innocent misstatement of facts


Furnace new so must be OK....bad installation

Listing Agreement

Must be signed by all parties holding title. Listing owner must be given true copy

AD VALORUM

Taxes are paid according to VALUE

ASSESSED VALUATION

Value placed on property for tax purpose. Not the APPRAISED VALUE

ASSESSMENT RATE

Ratio between Appraised value and Assessed value


50% in Michigan

What is 1 mill?

1 mill is 1/10 of a cent. .001




50 mills = .050 = 5% = $5.00/$100.00

TAX CALCULATION

TAX DUE


_________________________________


ASSESSED VALUE x TAX MILLAGE

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

Tax due is $1200. Appraised value $60,000. What is tax rate?

$1200.00 / $30,000 = .04 = 4% = 40 mills