Title: Analyze changes that influence real estate taxes.
Course: Real Estate (12154) > Section: Understanding Taxes in Real Estate

Explanation should include

- influence of schools
- local budget considerations
- improvements in the community
- influence of places of worship
- a fluctuating real estate market
- job availability
- area demographics.

DPOR correlations: 18VAC135-20-400. 2 (Real estate market and analysis); 18VAC135-20-400. 13 (Taxes in real estate)

Process/Skill Questions:

- How does a taxing district’s adoption of an annual budget impact real estate taxes?
- How does the need for new schools influence a locality's need to increase taxes?
- How are taxes levied on real estate determined?
- What entities are granted exemptions from real estate taxes?
- How do changes in the market affect taxation rates?
- What are the factors that affect changes in real estate assessments?
- When do assessments take place and by whom?