A parcel in Boone has an assessed value of $489,500.00. The county tax rate is $0.83 per $100 of value and the municipality's rate is $0.37 per $100. What is the annual ad valorem tax bill?
Correct Answer
C) $5,874.00
Use the stated North Carolina formula or contract assumption: (489500 ÷ 100) × (0.83 + 0.37) = 4895.00 × 1.20 = $5,874.00. That calculation produces the correct amount.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
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