LeShaun McKenzie
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Chapter 3 of the NCRE Training

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LeShaun McKenzie
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Chapter 3 - NCRE

Chapter 3 - NCRE

Question 1 of 12

1

The tax levy against real property to provide the funds to pay all or part of the cost of an improvement to the property is which of the following?

Select one of the following:

  • mechanic’s lien

  • special assessment

  • general lien

  • judgment lien

Explanation

Question 2 of 12

1

Real property taxation in North Carolina:

Select one of the following:

  • Requires listing the property by December 30.

  • makes September 1 the due date of the tax.

  • requires penalties for paying after September 1.

  • none of the above.

Explanation

Question 3 of 12

1

How often may the North Carolina property tax rate be changed?

Select one of the following:

  • every eight years

  • every four years

  • every two years

  • each year

Explanation

Question 4 of 12

1

The Jones’s home has an assessed value of $100,000 in a locality where the tax rate is $1.45 per $100. What is their monthly payment for tax escrow?

Select one of the following:

  • $83

  • $100

  • $121

  • $1,450

Explanation

Question 5 of 12

1

The tax rate is calculated on every $100 of the:

Select one of the following:

  • sales price.

  • appraised value.

  • listing price.

  • assessed value.

Explanation

Question 6 of 12

1

According to the Machinery Act in North Carolina, all real property must be reassessed for tax purposes at least:

Select one of the following:

  • every year.

  • every two years.

  • every four years.

  • every eight years.

Explanation

Question 7 of 12

1

Kim’s house is located within the city limits and has a market value of $240,000. The local tax office is assessing her property at 75% and there are tax rates per $100 of $0.95 for the city and $0.35 for the county. What are her annual taxes for this property?

Select one of the following:

  • $1,710.00

  • $2,280.00

  • $2,340.00

  • $3,120.00

Explanation

Question 8 of 12

1

Carol’s property has an annual tax bill of $1,495.00 and an assessed value $130,000. What is her tax rate per $100? (rounded)

Select one of the following:

  • $11.50

  • $1.15

  • $0.87

  • $0.01

Explanation

Question 9 of 12

1

A municipality has total assessed value of property located within its environs of $18,057,000. They have recently adopted an annual budget of $162,513. At what rate per $100 must they tax the local properties in order to meet this budget?

Select one of the following:

  • $0.90

  • $1.14

  • $9.00

  • $11.43

Explanation

Question 10 of 12

1

George’s property recently sold for $235,000 and has an assessed value of $215,000. If the local tax rate is $1.40 per $100 how much would the annual taxes for this property be?

Select one of the following:

  • $3,290

  • $3,150

  • $3,010

  • $250.83

Explanation

Question 11 of 12

1

A parcel of land is being taxed at a rate of 25 mills. Assuming that it has a market value of $175,000 and is being assessed at 70%, what would the annual tax liability be?

Select one of the following:

  • $4,900.00

  • $4,375.00

  • $3,062.50

  • $1,225.00

Explanation

Question 12 of 12

1

A parcel of property (not a corner lot) that measures 95 feet wide by 175 feet deep is being assessed $8.50 per front foot for water and sewer lines that are being installed. How much will the assessment be for this particular property?

Select one of the following:

  • $2,295.00

  • $1,615.00

  • $1,487.50

  • $807.50

Explanation

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