Vocab
Ad Valorem Tax
Tax set according to value
Public auction a property with a collection of overdue taxes
Tax sale
The chance to take at least $250,000 profit free of federal tax on a sale of one's home is available to any seller who
Owned an occupied the home for two of the five years prior to the sale
Mill
1 thousandth of a dollar
Tax foreclosure
Seizing a property for unpaid taxes
Assessed value
Value used for tax purposes
Collins property was foreclosed. If she acts within her state's redemption. She can reclaim her property by paying the debt and legal fees
Redemption Period
A tax on the houses in the one small neighborhood to pay for new street lamps in the area would take the form of
A special assessment
Ratable
Taxable property
Tax lien
Municipalities financial claim against real property
Assessment role
List of all taxable property
The owner of The old apartment house had failed to pay property taxes on the building for the past 2 years The county was forced to pursue a tax foreclosure against the property and have it sold at auction
Tax foreclosure
Can be granted exemptions from real estate taxes
Veterans
Senior citizens
Religious organizations
Redemption Period
Time in which a foreclosed owner can we gain property
Tax sale
Collection of overdue taxes through public auction of property
Equalization factor
Adjusts for assessment variations
Imposed for failing to pay the following taxes City, county, estate, income, payroll, sales school.
What is this debt called?
Tax Lien
1000th of a dollar
Mill
Revaluation
Reassessment of all a municipalities ratables
New Jersey offers partial property tax exemption to
Homeowner, 65 and older
Full-value assessment
Estimate based on probable sales price
Based on probable sales price
Full value assessment
The value of things influencing the tax
Ad valorem tax
Special assessment
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited
Property taxes become a lien on the land
January 1st