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Real Estate Tax Assessments & Appeals

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Local ____ are assessed annually, while ____ are assessed when the property is sold.

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1. What is the best first step in challenging a property tax assessment?

2. Harry's investment property has been assessed at $150,000. Harry does not live in his investment property and he doesn't qualify for any exemptions. The mill rate is 15. What is Harry's total annual property tax?

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About This Quiz & Worksheet

Home and business owners can benefit from understanding how and why local governments tax property. Topics you need to know for the quiz include types of real estate taxes and how to calculate property tax.

Quiz & Worksheet Goals

The quiz asks you to do the following:

  • Point out when certain types of real estate taxes are assessed
  • Name the first step in challenging an assessment
  • Calculate property tax
  • Explain what a mill is equivalent to

Skills Practiced

  • Information recall - access the understanding you've gained about the steps of challenging an assessment
  • Problem solving - use acquired knowledge to solve property tax practice problems
  • Reading comprehension - ensure that you draw the most essential information from the corresponding lesson on real estate taxes

Additional Learning

The lesson named Real Estate Tax Assessments & Appeals takes a deeper look at this subject. The lesson teaches you about:

  • Two main types of real estate taxes
  • Components of the property tax formula
  • Exemptions
  • The Board of Equalization
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