Definition should include
- assessment
- tax rate
- tax bills
- enforcement of tax liens
- special assessments.
DPOR correlation: 18VAC135-20-400. 13 (Taxes in real estate)
Process/Skill Questions:
- How do real estate taxes supply public goods and services?
- How are taxes levied on real estate determined?
- How do changes in the market affect taxation rates?
- Why is understanding your locality’s tax assessment a necessity when considering home ownership?
- What are the factors that affect changes in real estate assessments?
- How do assessments differ from an appraised value in real estate?