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13 Cards in this Set
- Front
- Back
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POLICE POWER |
Involves enactment and enforcement of zoning ordinances and building codes. Taxation provides the revenue to pay for these costs. |
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ZONING |
More than any other influence, controls and regulates land and its use. *the zoning classes are agricultural, commercial, industrial, and residential. |
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BUFFER ZONES |
Separate residential areas from non residential areas. |
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NONCONFORMING USE |
A structure does not conform to existing ordinance and surrounding use because it was built before the ordinance and use existed |
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CONDITIONAL USE |
Also know as special use *a Nonconforming but allowed and related use of land for the zoning district |
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VARIANCE |
A prohibited use may be lifted for one property owner who is under some undue hardship from an existing ordinance |
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BUILDING CODES |
Specify mandatory minimum construction standards during the repair or erection of buildings *the term building code can refer to a states building, electrical, mechanical, and plumbing codes, also fire prevention and sanitation regulations *together with the mass building code, our state sanitary code protects "the health, safety and well being of the occupants of housing and of the general public" |
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PROPERTY TAXES |
A community's budget is an estimate of next years expenses and anticipated income from all sources except property taxes. The budget deficit must be covered by the levy. *the levy is the amount of money the community needs and will raise through taxation. *planned expenses - known revenues = levy
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ASSESSMENT (pertaining to prop taxes) |
Is the valuation of all property within a local jurisdiction for the purpose of taxation. *total money needed (levy) \ total assessment = tax rate *tax rates are expressed in mills, or in dollars per hundred, or in dollars per thousand as in Massachusetts. Tax rate is 1% of assessed value or 1$ per 100$ of assessed value |
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TWO TYPES OF REAL PROPERTY TAXES |
GENERAL REAL ESTATE TAX: Is levied for the general operation of local government and delivery of services. Also called the ad valorem tax (according to value) because it depends on an individual property's assessed value
SPECIAL ASSESSMENT TAX: Also known as improvement tax, is a narrow tax levied on specific properties because these properties benefit directly from a public improvement**
*local tax authorities are always paid first whenever property is sold, before lien holders and property owners
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MASSACHUSETTS FISCAL YEAR ********* |
Begins July 1st and ends June 30th
*Real property taxes are due and pay annually in this tax year. The tax is generally paid semi annually, by November 1 and May 1, or quarterly by August 1, November 1, February 1, and May 1 |
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REDEMPTION |
A taxpayer on default usually has right to redeem property by paying delinquencies or penalties either before a tax foreclosure sale or in most states after it for up to one year. Redemption periods are equitable beforehand and statutory afterward. |
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CAPITAL GAINS EXCLUSION |
When a capital asset is sold, the difference between the basis in the asset and the amount it sold for is a capital gain or loss. Individuals can exclude up to 250,000 and married couples filing jointly can exclude up to 500,000 of the gain realized from the state of ones primary home. *a taxpayer must have owned and used the home for at least 2 of the last 5 years ending in the date of sale. |
