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