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Details

Real Estate Taxes- Chap. 8
Essential of New Jersey Real Estate, 12th Edition
13
Real Estate & Planning
Not Applicable
09/25/2016

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Ad valorem tax

 

 

Definition
tax set according to value

 

 

Term
Assessed value

 

 

Definition
value used for tax purposes

 

 

Term
Assessment roll

 

 

Definition
list of all taxable property

 

 

Term
Equalization factor

 

 

Definition
adjusts for assessment variations

 

 

Term
Full-value assessment

 

 

Definition
estimate based on probable sales price

 

 

Term
Mill

 

 

Definition
one-tenth of a cent

 

 

Term
Ratable

 

 

Definition
a taxable property

 

 

Term
Redemption period

 

 

Definition
time in which a foreclosed owner can regain property

 

 

Term
Revaluation

 

 

Definition
reassessment of all a municipality’s ratables

 

 

Term
Special assessment

 

 

Definition
tax only on property directly benefiting from an improvement

 

 

Term
Tax foreclosure

 

 

Definition
seizing of property for unpaid taxes

 

 

Term
Tax lien

 

 

Definition
municipality’s financial claim against real property

 

 

Term
Tax sale

 

 

Definition
collection of overdue taxes through public auction of property

 

 

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