CH 03 - Property Taxation & Assessment

CH 03 - Property Taxation & Assessment

Professional Development

39 Qs

quiz-placeholder

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CH 03 - Property Taxation & Assessment

CH 03 - Property Taxation & Assessment

Assessment

Quiz

Business

Professional Development

Medium

Used 19+ times

FREE Resource

39 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The current market value of a property is $135,000. For tax purposes, it is assessed at 60% of market value. The tax rate is $2.45 per $100 of assessed value. What is the annual tax liability?

$1,190.40

$1,323.75

$1,984.50

$3,307.25

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following liens generally holds first priority?

mortgage lien

purchase money lien

ad valorem real estate tax lien

federal income tax lien

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What will be the amount of tax payable when the property's original assessed value is $185,000 then a 10% horizontal adjustment is made to all assessed values and the tax rate is 40 mills in a community?

$4,625

$5,087

$7,400

$8,140

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Charges levied on a property owner and limited to those living in a particular neighborhood to pay for the installation of sewer and water lines are:

ad valorem taxes

general property taxes

special excise taxes

special assessments

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The ad valorem property tax rates may be adjusted every:

year

two years

four years

eight years

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The NC Machinery Act requires a reappraisal of the property every

year

two years

four years

eight years

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

horizontal "across the board" adjustments can be made every

year

two years

four years

eight years

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