Superior School Chapter 3

Question 1 of 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?

Select one of the following:

$1,190.40
$1,323.75
$1,984.50
$3,307.25

Explanation

Question 2 of 10

1

Which of the following liens generally holds first priority?

Select one of the following:

mortgage lien
purchase money lien
ad valorem real estate tax lien
federal income tax lien

Explanation

Question 3 of 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?

Select one of the following:

$4,625
$5,087
$7,400
$8,140

Explanation

Question 4 of 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:

Select one of the following:

ad valorem taxes
general property taxes
special excise taxes
special assessments

Explanation

Question 5 of 10

1

The ad valorem property tax rates may be adjusted every:

Select one of the following:

year
two years
four years
eight years

Explanation

Question 6 of 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?

Select one of the following:

$2,097.60
$2,508.61
$2,181.40
$2,412.13

Explanation

Question 7 of 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%.

Select one of the following:

$166.25
$188.13
$2,257.50
$886.67

Explanation

Question 8 of 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?

Select one of the following:

$12,300
$32,000
$123,000
$132,000

Explanation

Question 9 of 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?

Select one of the following:

$2,432
$2,675.20
$2,150
$3,344

Explanation

Question 10 of 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?

Select one of the following:

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

	Created by Larkin Willis almost 4 years ago

Property Taxation and Assessment

Superior School Chapter 3

Question 1 of 10

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?

Select one of the following:

Explanation

Question 2 of 10

Which of the following liens generally holds first priority?

Select one of the following:

Explanation

Question 3 of 10

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?

Select one of the following:

Explanation

Question 4 of 10

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:

Select one of the following:

Explanation

Question 5 of 10

The ad valorem property tax rates may be adjusted every:

Select one of the following:

Explanation

Question 6 of 10

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?

Select one of the following:

Explanation

Question 7 of 10

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%.

Select one of the following:

Explanation

Question 8 of 10

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?

Select one of the following:

Explanation

Question 9 of 10

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?

Select one of the following:

Explanation

Question 10 of 10

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?

Select one of the following:

Explanation