Term
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Definition
| taxes charged according to the value of a property |
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Term
| what do property taxes fund? |
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Definition
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Term
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Definition
| county or state assessor's office appraises each taxable parcel of land and the improvements thereon. Then the appraised value is converted into an assessed value upon which taxes are based. Assessed value can equal appraised value or can be a % of the appraised value. |
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Term
| 3 ways to levy a tax on assessed taxable property |
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Definition
| Mill rate. Dollars per hundred. Dollars per thousand. |
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Term
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Definition
| tax rate expressed as mills per dollar of assessed valuation. 1 mill is 1/10 of a cent. |
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Term
| what happens if you don't pay taxes |
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Definition
| jail and you lose your property. |
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Term
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Definition
| making people pay for local improvements that will benefit property owners within a limited area. |
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Term
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Definition
| benefits the general public and is financed through the general (ad valorem) property tax. |
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Term
| tax liability when selling home |
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Definition
| gain on the sale (which is difference between amount realized (sell price minus selling expenses) and the basis) is taxed as income tax, sometimes. |
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Term
| definition of home improvement |
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Definition
| an improvement is a permanent betterment that materially adds to the value of a home, prolongs its life, or changes its use. |
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Term
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Definition
| price originally paid for the home plus any fees paid for closing services and legal counsel and any fee or commission paid to help find the property. |
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