Podcast
Questions and Answers
Which of the following best describes the purpose of an 'Assessing Unit'?
Which of the following best describes the purpose of an 'Assessing Unit'?
- To provide legal representation for property owners during tax disputes.
- To value real property for taxation purposes within a city, county, town, or village.
- To determine the market value of properties for private sales. (correct)
- To manage public improvement projects funded by special assessments.
A property owner believes their assessed value is too high due to inaccuracies in the property's square footage. Which reason for protesting taxes does this fall under?
A property owner believes their assessed value is too high due to inaccuracies in the property's square footage. Which reason for protesting taxes does this fall under?
- Property is unequally assessed compared to similar properties.
- Factual errors in the property's characteristics.
- Disagreement with the ad valorem tax rate applied. (correct)
- The assessment is based on the potential highest and best use, not the current condition.
A new municipal park has significantly increased property values in the surrounding neighborhood. To recover the costs of the park, the local government levies a charge only on the properties within that neighborhood. What is this charge called?
A new municipal park has significantly increased property values in the surrounding neighborhood. To recover the costs of the park, the local government levies a charge only on the properties within that neighborhood. What is this charge called?
- Special Assessment
- Ad Valorem Tax
- General Property Tax (correct)
- Tax Certiorari
What is the primary role of an 'Assessment Review Board'?
What is the primary role of an 'Assessment Review Board'?
A homeowner is struggling to pay their property taxes. Which of the following describes a 'Lien'?
A homeowner is struggling to pay their property taxes. Which of the following describes a 'Lien'?
What does the term 'In Rem' refer to in the context of property taxation?
What does the term 'In Rem' refer to in the context of property taxation?
A city has recently updated its property valuation methods to comply with state regulations. What term best describes this city in the context of property assessment?
A city has recently updated its property valuation methods to comply with state regulations. What term best describes this city in the context of property assessment?
A business owner wants to challenge their commercial property's tax assessment. Which legal process is appropriate for this?
A business owner wants to challenge their commercial property's tax assessment. Which legal process is appropriate for this?
A property is assessed based on its actual condition, not its potential for development. Which principle of assessment does this reflect?
A property is assessed based on its actual condition, not its potential for development. Which principle of assessment does this reflect?
What does the term 'Ad Valorem' signify in the context of property taxes?
What does the term 'Ad Valorem' signify in the context of property taxes?
During which period can taxpayers formally challenge their property's assessed value?
During which period can taxpayers formally challenge their property's assessed value?
What is the tax status date?
What is the tax status date?
Which of the following is the best description of a homestead property?
Which of the following is the best description of a homestead property?
What is the purpose of a 'Small Claims Assessment Review' (SCAR)?
What is the purpose of a 'Small Claims Assessment Review' (SCAR)?
A local government dedicates funds for road maintenance. What is the term for this allocation of funds?
A local government dedicates funds for road maintenance. What is the term for this allocation of funds?
Flashcards
Assessed Value
Assessed Value
A valuation placed upon property by a public officer or board, used as a basis for taxation.
Assessments
Assessments
Charges against real estate to cover costs of improvements like streets or sewers.
Assessing Unit
Assessing Unit
A city, county, town, or village authorized to value real property for taxation.
Special Assessment
Special Assessment
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Approved Assessing Unit
Approved Assessing Unit
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Special Assessment Districts
Special Assessment Districts
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Assessment Review Board
Assessment Review Board
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Grievance Period
Grievance Period
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Homestead
Homestead
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Non-homestead
Non-homestead
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In Rem
In Rem
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Levy
Levy
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Lien
Lien
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Ad Valorem Taxes
Ad Valorem Taxes
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Tax Certiorari
Tax Certiorari
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Study Notes
- Study notes on real property, taxation terms, and processes
Key Terms and Definitions
- Ad Valorem Taxes: Taxes based on the value of the property.
- Appropriation: Funds or assets allocated for a specific purpose.
- Assessed Value: Property valuation by a public officer or board for taxation.
- Assessing Unit: A city, county, town, or village authorized to value property for taxation.
- Assessments: Charges on real estate by a government unit for improvements like streets or sewers, proportional to the cost.
- Assessment Review Board: An independent body that hears assessment appeals.
- Grievance Period: The timeframe for taxpayers to contest their property's assessed value.
- Homestead: The owner's primary residence, including surrounding land, provided it is not separated by other's property.
- In Rem: A legal action against the property, such as for tax nonpayment.
- Levy: The assessment of a tax.
- Lien: A legal claim on a property to secure debt satisfaction.
- Non-homestead: Real property not meeting the homestead definition, typically considered an asset and must be sold for the client to continue to receive help from HRA.
- SCAR (Small Claims Assessment Review): A process for residential real estate tax protests.
- Special Assessment: A charge on a property for a public improvement that benefits it.
- Special Assessment Districts: Areas where property values increase due to public improvements, with taxes apportioned to cover costs.
- Tax Certiorari: A legal process for commercial property owners to challenge real estate tax assessments to lower property taxes.
- Tax Status Date: The effective date of an assessment.
Property Assessment and Taxation
- The assessment should be based on the property's actual condition, not its potential value.
- Factual errors such as incorrect building or land square footage are valid grounds for protesting taxes.
- Commercial properties are assessed based on income approach, not sales.
Protesting Taxes
- Taxes can be protested if the assessed value is too high, or if the property is assessed unequally.
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Description
Comprehensive study notes covering real property taxation, key terms, and processes. Includes definitions of ad valorem taxes, assessments, homestead, and in rem. Covers assessment review boards and grievance periods.
