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RE Ch 7 Q&A
Real Estate Q&As for Chapter 7
| Question | Answer |
|---|---|
| Who can levy taxes on real property to raise funds for providing local services? | Counties, cities and municipalities, and townships assessing units and special assessment districts |
| What is the purpose of taxation? | To raise funds to pay for municipal services. |
| What are property taxes based on? | The assessed value of the property |
| How is assed value determined? | According to state law by county or township assessor or appraiser |
| How often are ad valorem taxes paid? | annually |
| What is the role of the assessor in the taxing process? | make the valuation and notify the owner of the assessed value |
| How is tax base calculated? | tax base = assessed values - exemptions |
| What are the reasons for making the land the basis of taxation? | The usual stability of land values makes land taxes predictable; The attachment of taxes to land makes enforcement reliable; Land is traditionally related to productivity and wealth; government takes its share. |
| What is a taxing district? | A taxing district is a governmentally-established entity, defined by a geographical boundary that has the authority to collect taxes for specific purposes. |
| What are examples of a taxing district? | school districts, library districts, and county bridge and highway departments |
| How does a special tax district differ from a permanent tax district? | special tax districts pay for the cost of a specific improvement in a specific area. Special tax districts cease once the cost of the specific project has been paid for, unlike permanent tax districts |
| What appraisal methods do tax assessors use to determine the assessed value of a property? | Assessors use any of the standard appraisal methods—sales comparison, cost, income—to assess properties, depending on the type of property. |
| What are some circumstances that typically trigger a reassessment of a property? | Improvements to the property in general. Specifically, basement finishing, garage additions, swimming pool construction. |
| What is a "homestead exemption?" | A portion of a property's value that is exempted from taxation because the property, or part of it, is owned and occupied as a family residence. |
| Is a special assessment a voluntary tax lien or an involuntary tax lien? | either, depending on whether the citizen has asked for the improvement (voluntary) or the taxing entity has initiated the assessment (involuntary). |
| What protections might your state offer to a homeowner against the inadvertent loss of ownership for failure to pay property tax? | Many states have grace or redemption period, a notification process, and equitable or statutory right of redemption. |
| How often does the International Association of Assessing Officers (IAAO) guidelines state that assessors should conduct a physical review of properties? | At least every 4 - 6 years, including an on-site verification of property characteristics |
| What are the real property tax exemptions? | the use to which the property is put; the owner's ability to pay taxes; the desire of the state and local governments to encourage certain economic or social activities |
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amybeth1105
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