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SECTION EIGHTEEN QUIZ

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Question 1 of 10

1. Question
Which of the following is true with respect to real property taxation by the federal government?
- a. It may impose ad valorem property taxes and capital gain tax.
- b. It may not impose property taxes nor tax liens.
- c. There are no federal ad valorem taxes on real property.
- d. It may impose ad valorem tax, but not capital gain tax.
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Question 2 of 10

2. Question
According to law, states
- a. may not levy real estate taxes.
- b. may not impose tax liens.
- c. may delegate taxing authority to county governments.
- d. may prevent federal taxation of real estate within their respective jurisdictions, if properly legislated.
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Question 3 of 10

3. Question
The role of local tax districts is to
- a. levy income, sales, and property taxes to meet their budget requirements.
- b. manage their budgeted portion of real estate tax revenues levied and distributed by the state.
- c. impose property taxes for specific municipal services.
- d. place tax liens on its facilities.
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Question 4 of 10

4. Question
A special tax district might be created to
- a. construct and manage a park district.
- b. create a two-mile extension of county sewer facilities.
- c. establish and maintain a public library.
- d. create a fire department.
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Question 5 of 10

5. Question
Ad valorem taxes are based on
- a. the replacement value of property.
- b. the assessed value of property.
- c. the millage value of property.
- d. the broker's estimate of value.
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Question 6 of 10

6. Question
The ad valorem tax base of a municipal jurisdiction is equal to
- a. the jurisdiction's annual budget times the tax rate.
- b. the total of all assessed values of properties minus exemptions.
- c. the total amount of ad valorem taxes required by the budget.
- c. the total amount of ad valorem taxes required by the budget.
Correct

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Question 7 of 10

7. Question
As part of the assessment process, many taxing entities utilize equalization boards in order to
- a. adjust millage rates within the district to ensure fairness.
- b. modify the tax rate from one neighborhood to the next.
- c. ensure that property owners have nearly equal tax bills.
- d. smooth out wide discrepancies of assessed values within the district.
Correct

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Question 8 of 10

8. Question
A homeowner receives a tax bill that she feels is outrageous. This taxpayer may
- a. appeal to adjust the millage rate.
- b. appeal to adjust the district's budget.
- c. appeal to adjust the assessed valuation.
- d. not appeal.
- d. not appeal.
Correct

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Question 9 of 10

9. Question
The purpose of a homestead tax exemption is
- a. to exempt qualified property owners from ad valorem taxation.
- b. to offer an amount of tax relief on an owner's principal residence.
- c. to encourage multiple property investment.
- d. to exempt owners of principal residences who rent their properties.
Correct

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Question 10 of 10

10. Question
A millage rate is derived by
- a. dividing the tax requirement by the tax base.
- b. multiplying the tax base times the tax requirement.
- c. adding an inflation factor to the prior year's tax rate.
- d. dividing the tax base by the tax requirement.
Correct

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