36 Questions
What is another name for property taxes?
Ad valorem tax
Who typically has the responsibility to levy state property taxes?
Local jurisdictions
What are tax liens an alternative to, in the context of taxation entities?
Property taxes
What does the tax base refer to in the context of property taxes?
Total assessed values excluding exemptions
What is applied to the taxable value of each property to determine its tax levy?
Tax rate or millage rate
How are equalization factors used in the context of property taxes?
To apply to taxable value for tax calculation
Who is eligible for a Homestead Exemption?
Homeowners meeting specific criteria
Which properties are immune from Ad Valorem tax?
Government-owned properties
How is the tax rate usually expressed in mills?
$0.001
What determines the taxable value for individuals' tax bills?
Exemptions and adjustments subtracted from assessed value
How are special assessments calculated?
Pro rata shares of benefiting properties
What occurs after a defaulted taxpayer fails to redeem their property?
The state issues a tax deed to convey title to the buyer
What type of tax is property tax, based on the text?
Ad valorem tax
Who typically has the authority to impose a tax lien rather than an annual property tax?
State taxing authorities
What do equalization factors aim to increase in tax levies, as per the text?
Fairness and evenness
In the context of property taxes, what is the total of all assessed values in a jurisdiction excluding exemptions called?
Tax base
What entity is typically responsible for delegating the responsibility to levy state property taxes?
Counties
What is the valuation of properties for tax purposes completed by assessors referred to as in the text?
Assessed value
What is the purpose of a Homestead Exemption?
To provide a tax break to homeowners meeting specific criteria
How are properties owned by non-profit organizations treated in terms of taxes?
They are immune from Ad Valorem tax
What is the first step in deriving the tax rate for a taxing entity?
Determine the budget requirements
How are special assessments calculated for benefiting properties?
Based on pro rata shares of benefiting properties
What is the process involved in enforcing tax liens?
Initiating sale and foreclosure proceedings
What is the outcome when a defaulted taxpayer fails to redeem their property after a tax sale?
The state issues a tax deed conveying title to the buyer
What is the purpose of a tax lien in property taxation?
To pay taxes owed by the property owner
How are assessment amounts for special assessments calculated?
Using pro rata shares of benefiting properties
What happens if a defaulted taxpayer fails to redeem their property after a tax sale?
The state will convey title to the buyer
How is the taxable value for individuals' unique tax bills determined?
By subtracting exemptions and adjustments from the assessed value
In property taxation, what is the purpose of conveying title via tax deed?
To convey title in the event of a tax sale
What is the primary reason for granting a Homestead Exemption?
To provide tax breaks to eligible homeowners
What is the term used for property taxes that are imposed annually on the taxable value of a property?
Ad valorem tax
Who has the authority to impose a tax lien rather than an annual property tax in the context of taxation entities?
State governments
What is the term used for the total of all assessed values in a jurisdiction, excluding exemptions, in the context of property taxes?
Tax base
What are special tax districts established for, according to the text?
Collecting funds for schools and parks
What purpose do equalization factors serve in the calculation of property taxes?
To adjust values for fairness in tax levies
How is the taxable value of each property determined for property tax calculations?
Based on assessed value and millage rate
This quiz covers different types of property taxes, including ad valorem taxation, federal ad valorem taxation, and state property taxes. It also discusses the authority of tax entities to impose tax liens and delegate responsibilities to county and local jurisdictions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
