Transfer Of TitleTaxesEASY
A Mooresville broker is updating the policy manual on property tax listing, January 1 rules, and tax-bill calculations. Which statement best applies under current North Carolina law?
Correct Answer
C) A simple annual property tax bill is calculated by dividing assessed value by 100 and multiplying by the combined tax rate per $100.
A simple annual property tax bill is calculated by dividing assessed value by 100 and multiplying by the combined tax rate per $100.
Answer Options
A
Property tax is always based on purchase price rather than assessed value.B
Property tax is computed by dividing assessed value by 500 and multiplying by one dollar.C
A simple annual property tax bill is calculated by dividing assessed value by 100 and multiplying by the combined tax rate per $100.D
Property tax is calculated only after subtracting the earnest money deposit.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
assessed_valuecore_rules_and_definitionsdifficulty_1nc_property_tax_conveyance_taxnc_statenorth_carolinaproperty_tax_listing_january_1_and_bill_calculationproperty_tax_mathtax_bill
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