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?
CH 03 - Property Taxation & Assessment

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Professional Development
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39 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
$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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