#1
What does property tax fund?
Local government services and infrastructure
ExplanationFunding for local services and infrastructure.
#2
What determines the amount of property tax an individual owes?
The assessed value of the property
ExplanationProperty's assessed value determines tax amount.
#3
What is the purpose of a property tax assessment?
To determine the amount of property tax owed
ExplanationAssessment to calculate property tax.
#4
Which entity typically conducts property tax assessments?
Local government agencies
ExplanationAssessments usually done by local governments.
#5
What is a property tax lien?
A legal claim by the government on a property for unpaid taxes
ExplanationGovernment's legal claim on a property for unpaid taxes.
#6
What is a millage rate in property taxation?
The tax rate applied to the assessed value of property
ExplanationTax rate applied to property's assessed value.
#7
What is the term for reducing a property's assessed value for tax purposes?
Tax abatement
ExplanationReduction of property's assessed value for tax purposes.
#8
What is a property tax appeal?
A request to lower the assessed value of a property
ExplanationRequest to decrease property's assessed value.
#9
What is a special assessment in property taxation?
An assessment for improvements that benefit specific properties
ExplanationAssessment for property improvement benefits.
#10
Which type of property is typically exempt from property taxes?
Government-owned properties
ExplanationExemption for government-owned properties.
#11
What is a homestead exemption in property tax?
Exemption for properties used as primary residences
ExplanationExemption for primary residence properties.
#12
What is the relationship between property tax rates and property values?
Property tax rates decrease as property values increase
ExplanationInverse relationship between tax rates and property values.
#13
What is the term for a decrease in property value due to factors such as wear and tear or economic decline?
Depreciation
ExplanationDecrease in property value due to various factors.
#14
What is the term for the percentage of a property's value that is taxed?
Tax rate
ExplanationPercentage of property's value subject to tax.
#15
What is a tax abatement in property taxation?
A reduction or elimination of property taxes for a specified period
ExplanationReduction or elimination of property taxes temporarily.