Ch. 3 Property Taxation & Assessment

the taxation on _____ ______ is the major source of revenue for the local units of govt, including both the county & the city or township

real property

taxes are imposed on real property ______ ______, that is, according to value.

ad valorem

a key point to the act is that it requires the ____ ____, or the value placed upon property for purposes of taxation

assessed value

to be set at true market value, or _____ _____, a 100% assessment, at least once every 8 years

market value

tax rate based upon one-tenth of one cent, (or ____ ____)

mill rateone mill

how to calculate the tax involving mill rate

multiply the # of mills x 0.1 of 1 cent (i.e, 0.1 x 0.01 x number of mills = mill rate as a decimal).

2nd way on how to calculate the tax involving mill rate

divide the assessed value by $1,000 and then multiple by the mill rate.

appraisal is:

the process of determining a market value;(it is discussed in detail in Ch. 13)

assessment is:

the determination of a value of the property for taxation purposes

the _____ ______ established the rules for property taxation in NC

machinery act

the assessed rate for property in NC is _____ ____ _____ ______

100% of market value

the _____ ______ is the value placed on property for purposes of taxation. Historically, the assessed value will be less than the active market value

assessed value

tax rates for NC are per $? of assessed value

100

tax rates can be changed _____. do NOT confuse this w/ the fact that tax values are to be adjusted at least every 8 years

annually

Tax values may be modified every four years by using a ________ adjustment.

horizontal

Property that is owned as of January 1 of each year is to be listed for _____ purposes no later than January 30

tax

Tax bills must be mailed out by _________ at which time they are payable

01-Sep

Taxes are to be paid by ________ there will be interest penalties charged if taxes are not paid by January 5 of the following year

31-Dec

An ________ is the pro rata share of the cost of some improvement, such as sidewalks, water and sewer lines, and street improvements

assessment

A ______ ______ for is a linear measurement of the width of the property along the side that is being improved

front foot

The ____ _____ system is used for most states in the United States

mill rate

one mill =

0.1 of 0.01