Larkin Willis
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Property Taxation and Assessment

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Larkin Willis
Creado por Larkin Willis hace más de 3 años
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Superior School Chapter 3

Pregunta 1 de 10

1

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?

Selecciona una de las siguientes respuestas posibles:

  • $1,190.40

  • $1,323.75

  • $1,984.50

  • $3,307.25

Explicación

Pregunta 2 de 10

1

Which of the following liens generally holds first priority?

Selecciona una de las siguientes respuestas posibles:

  • mortgage lien

  • purchase money lien

  • ad valorem real estate tax lien

  • federal income tax lien

Explicación

Pregunta 3 de 10

1

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?

Selecciona una de las siguientes respuestas posibles:

  • $4,625

  • $5,087

  • $7,400

  • $8,140

Explicación

Pregunta 4 de 10

1

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:

Selecciona una de las siguientes respuestas posibles:

  • ad valorem taxes

  • general property taxes

  • special excise taxes

  • special assessments

Explicación

Pregunta 5 de 10

1

The ad valorem property tax rates may be adjusted every:

Selecciona una de las siguientes respuestas posibles:

  • year

  • two years

  • four years

  • eight years

Explicación

Pregunta 6 de 10

1

Jack bought a home for $125,000 with an ad valorem tax assessed value of $130,000. The following year, a horizontal adjustment of a 15% increase in assessed value occurred. If the new tax rate is $1.678 per $100 of assessed value, what are the annual taxes?

Selecciona una de las siguientes respuestas posibles:

  • $2,097.60

  • $2,508.61

  • $2,181.40

  • $2,412.13

Explicación

Pregunta 7 de 10

1

What is the monthly tax liability on a property assessed at $133,000 if the published tax rate is $1.50 per $100 of assessed value? The sales price of the property was $150,500. The vacancy rate in the area is 6%. The market capitalization rate is 8%.

Selecciona una de las siguientes respuestas posibles:

  • $166.25

  • $188.13

  • $2,257.50

  • $886.67

Explicación

Pregunta 8 de 10

1

What is the assessed value of a house if the tax rate is $1.30 per $100 of value and the owner's annual taxes are $1,599?

Selecciona una de las siguientes respuestas posibles:

  • $12,300

  • $32,000

  • $123,000

  • $132,000

Explicación

Pregunta 9 de 10

1

A home with a market value of $190,000 is located in a city where the assessed value is 80% of market value. The county tax rate last year was 0.75 per $100 and the city tax rate last year was 0.85 per $100. The tax rate increased 10% this year. What is the new property tax on this house?

Selecciona una de las siguientes respuestas posibles:

  • $2,432

  • $2,675.20

  • $2,150

  • $3,344

Explicación

Pregunta 10 de 10

1

When the real estate property taxes have been paid by the owner and the property is sold before the end of the year, what is the appropriate entry for the accounting of the taxes on the HUD-1 settlement statement?

Selecciona una de las siguientes respuestas posibles:

  • debit the buyer and credit the seller

  • credit the buyer and debit the seller

  • credit the buyer and the seller

  • debit the buyer and the seller

Explicación

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