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WorksheetsCh.3 North Carolina Real Estate Practices and Principles
Total questions: 12
Worksheet time: 12mins
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
mechanic's lien
special assessment
general lien
judgement lien
Real property taxation in NC:
requires listing the property by Dec. 30th
makes Sept. 1st the due date of the tax
requires penalties for paying after Sept. 1st
none of the above
How often may the NC property tax rate be changed?
every eight years
every four years
every two years
each year
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 the monthly payment for tax escrow?
$83
$100
$121
$1,450
The tax rate is calculated on every $100 of the:
sales price
appraised value
listing price
assessed value
According to the Machinery Act in North Carolina, all real property must be reassessed for tax purposes at least:
every year
every two years
every four years
every eight years
Kim's house is located within the city limit and has a market value of $240,000. The local tax office is assessing her property at 75% and there tax rates per $100 of $0.95 for the city and $0.35 for the county. What are her annual taxes for this property?
$1,710.00
$2,280.00
$2,340.00
$3,120.00
Carol's property has an annual tax bill of $1,495.00 and an assessed value of $130,000. What is her tax rate per $100? (rounded)
$11.50
$1.15
$0.87
$0.01
A municipality has total assessed value of property located within the 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?
$0.90
$1.14
$9.00
$11.43
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?
$3,290
$3,150
$3,010
$250.83
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?
$4,900.00
$4,375.00
$3,062.50
$1,225.00
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?
$2,295.00
$1,615.00
$1,487.00
$807.50
