A parcel in Fayetteville has an assessed value of $355,000.00. 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
A) $3,514.50
Use the stated North Carolina formula or contract assumption: (355000 ÷ 100) × (0.68 + 0.31) = 3550.00 × 0.99 = $3,514.50. That calculation produces the correct amount.
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Key Terms:
Related Concepts
Escrow is an arrangement in which a neutral third party holds documents, funds, or other items on behalf of the buyer and seller until all conditions of the transaction are met.
A general warranty deed provides the greatest protection to the grantee by guaranteeing that the grantor holds clear title and has the right to sell the property. It includes covenants that protect against all defects in title, even those arising before the grantor owned the property.
Intestate succession is the legal process by which a deceased person's property is distributed according to state law when they die without a valid will. State statutes determine the order of inheritance.
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