Which of the following is true with respect to real
property taxation by the federal government?
There are no federal ad valorem taxes on real
property.
According to law, states
may delegate taxing authority to county
governments.
The role of local tax districts is to
impose property taxes for specific municipal
services.
A special tax district might be created to
create a two-mile extension of county sewer
facilities.
Ad valorem taxes are based on
the assessed value of property.
The ad valorem tax base of a municipal jurisdiction
is equal to
the total of all assessed values of properties minus
exemptions.
As part of the assessment process, many taxing
entities utilize equalization boards in order to
smooth out wide discrepancies of assessed values
within the district.
A homeowner receives a tax bill that she feels is
outrageous. This taxpayer may
appeal to adjust the assessed valuation.
The purpose of a homestead tax exemption is
to offer an amount of tax relief on an owner's
principal residence.
A millage rate is derived by
dividing the tax requirement by the tax base.
A homeowner's total tax bill is derived by
multiplying each district's tax rate times the
taxable value of the property.
A unique characteristic of a special assessment tax is
that
it only applies to properties which will benefit
from the public improvement.
A tax certificate
entitles its holder to apply for a tax deed after a
certain period.
An equitable right of redemption
gives a delinquent taxpayer a grace period prior
to the tax sale to pay property taxes.