Definitions
A tax levied on real estate and other forms of property?
Property tax
Give 2 examples of what property taxes fund:
School districts, county governments, fire protection districts, local community services
Define property:
An object or right that can be owned
An example of intangible personal property:
Cash, accounts receivable, copyrights, patents, trademarks
The land and any assets that are attached to the land
Real Property
There are 3 methods of determining market value, give me 2 of them
Market data, cost, income
Define personal property
Property that can be moved or relocated
In states with a two-year property tax cycle, which year does the collection and distribution occur?
Year 2
An elected or appointed individual who determines the fair market value of all real property within an assessment area for the purpose of establishing a tax levy
Assessor
There are 4 ways an appeal can be granted, give me 3 of them:
Incorrect data, Market value, equity, condition
A legal arrangement in which a third party temporarily holds money until transaction is completed
Escrow account
Ho many states have enacted some form of property tax limitations
46
The amount at which a property would sell in a competitive and open market
Market Value
What are 3 examples of property tax exemptions
Owner-occupied real estate, senior citizens, individuals with disabilities, veterans
Define permanent pasture:
Land that is permanently used for grazing livestock
Give 2 examples of “other farmland”
Woodlands and farm building lots
A number assigned to a specific soil type that reflects its average annual yield over a 10-year period
Productivity index
What does Cropland include (5 answers)
Orchards, citrus groves, vineyards, rotational pasture, nurseries, greenhouses, land used for crops
A loss in the physical ability of a building to withstand normal use:
Physical deterioration
Give me the 5 steps of the property tax cycle:
Assessment, Review and appeal of assessment, state equalization, Levy, Extension