Ad valorem taxes are assessed based on:

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Study for the Washington Real Estate Fundamentals Rockwell Exam. Utilize flashcards, multiple choice questions with hints and explanations. Prepare thoroughly for your real estate career!

Multiple Choice

Ad valorem taxes are assessed based on:

Explanation:
Ad valorem means “according to value.” In property taxes, the amount owed is based on the property's value as determined for tax purposes—the assessed value—by the local assessor. The tax you pay is the assessed value multiplied by the local levy rate. This is why the basis is the assessed value, not the owner's income, not the purchase price (which may influence value but isn’t the tax base), and not a flat rate. The assessed value is the value used to compute taxes, though it can be different from market price and may be adjusted by exemptions or assessment rules.

Ad valorem means “according to value.” In property taxes, the amount owed is based on the property's value as determined for tax purposes—the assessed value—by the local assessor. The tax you pay is the assessed value multiplied by the local levy rate. This is why the basis is the assessed value, not the owner's income, not the purchase price (which may influence value but isn’t the tax base), and not a flat rate. The assessed value is the value used to compute taxes, though it can be different from market price and may be adjusted by exemptions or assessment rules.

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