Tuesday, May 14, 2013

CH 11 Qs

Lulu Carrizales

  1. Ad valorem value is the assessor's estimate of a property's _____________ for taxation purposes:
    a.  Market value
    b.  Fixtures
    c.  Collateral
    d.  None
  2. Which of the following are NOT considered tax-exempt property:
    a. Non-Profits
    b. Bars
    c. Churches
    d. All of the above
  3. Property Tax Savings from Exemptions =
    a.  Tax Digest x Interest Rate
    b.  Exemption Amount x Tax Digest
    c.  Exemption Amount x Tax Rate
    d.  None of the above
  4. The Homestead exemption is a common assessed value deduction to temporary tenants. (T/F)
  5. When an assessor determines a value that is used to calculate property taxes it is called assessed value (T/F)
  6. Taxable value is the assessed value after all applicable exemptions. (T/F)
  7. Millage rate is a rate of 1 per 1,000 (T/F)
  8. A restaurant is a tax-exempt property (T/F)

1.  A
2.  B
3.  C
4.  F
5.  T
6.  T
7.  T
8.  F

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