Real Estate > EXAM REVIEW > North Carolina Real Estate (State Only Exam Review) | 40 Questions with 100% Correct Answers & Expl (All)
Which of the following statements is true regarding Ad Valorem taxation in North Carolina? 1. Real property is taxed according to its most recent sale price. 2. The Machinery Act requires reassessme... nt tax purposes every 4 years. 3. Real property taxes and special assessments constitute an involuntary lien against property on January 1st of the next year. 4. Tax rates are effective until the next revaluation year. - ANS - 3. Real property taxes and special assessments constitute an involuntary lien against property on January 1st of the text year Explanation Real property is taxed according to its assessed value, not sale price. The Machinery Act requires that properties be assessed at least once every 8 years (octennial appraisal). Tax rates can be changed every year and not set by the Machinery Act, rather by budget of the municipality. John recently retired and moved to a coastal community located in North Carolina. He decided to seek opportunities to supplement his retirement income by responding to an advertisement to become a timeshare salesman. John is told by the developer no license is required to sell a timeshare as he will be paid a flat fee for each timeshare sold is the developer correct? [Show More]
Last updated: 1 year ago
Preview 1 out of 22 pages
Connected school, study & course
About the document
Uploaded On
Oct 14, 2022
Number of pages
22
Written in
This document has been written for:
Uploaded
Oct 14, 2022
Downloads
0
Views
110
In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.
We're available through e-mail, Twitter, Facebook, and live chat.
FAQ
Questions? Leave a message!
Copyright © Browsegrades · High quality services·