A parcel in Greenville has an assessed value of $218,000.00. The county tax rate is $0.68 per $100 of value and the municipality's rate is $0.31 per $100. What is the annual ad valorem tax bill?
Correct Answer
B) $2,158.20
Use the stated North Carolina formula or contract assumption: (218000 ÷ 100) × (0.68 + 0.31) = 2180.00 × 0.99 = $2,158.20. That calculation produces the correct amount.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bargain and sale deed implies that the grantor holds title and possession of the property but does not include warranties against encumbrances or title defects.
The chain of title is the sequential history of all transfers of ownership for a specific property, from the original source (typically a government patent or grant) to the present owner. An unbroken chain is essential for marketable title.
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
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- → In Oklahoma, real estate documents such as deeds are recorded with which office?
- → Under Arkansas law, what is the realty transfer tax rate charged when real property is conveyed?
- → In Arkansas, with which office are real estate deeds and other property documents officially recorded?
- → Arkansas uses which type of recording system to determine priority among competing claims to real property?
- → Which type of deed provides a buyer with the greatest protection against title defects, including those arising before the grantor's period of ownership?
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