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7 Cards in this Set
- Front
- Back
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What interest can be deducted for taxes that deals with real property?
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Interest paid on delinquent ad valorem taxes is not deductible;
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What is a general real estate tax?
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It is called ad valorem (according to value); considered direct liens and need not be recorded to be valid. They are government fund raising.
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How does the government determine property taxes?
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It is levied by taxing bodies under police power according to property value (assessed value) of parcel being taxed.
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What is used to adjust or correct taxation of property?
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They will use equalization factor.
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What is the tax rate expressed in?
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Mills; one mill is .001; 1/1000th of a dollar.
To find annual taxes multiply number of mills by .001 to get mill levy; mill levy times assessed value equal annual taxes. |
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What do you need to know about special assessments or improvement taxes?
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Property owners may petition or legislative body may initiate the improvement.
Costs of improvement are spread over the assessment roll. Charged by front foot. Assessments becomes lien on property with priority position over other recorded liens; it is considered a direct lien and does not need to be recorded. |
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What is the process of a special assessment?
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Ordinance setting out improvement
Confirmation of the assessment roll Warrant to issue bills and begin collection |
