Even If Property Tax Rates Are Not Changed, the Amount

question 96

True/False

Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the same.

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Definitions:

Surety

A person or entity that takes responsibility for another's performance of an obligation or the payment of a debt in case of default.

Farm Property

is categorically land and tangible assets used in farming and agricultural operations.

Land Contracts

Legal agreements for the purchase of land in which the buyer pays the seller in installments while the seller retains the title until the full purchase price is paid.

Lienholder

A lienholder is an individual or entity that has a legal right or interest in a piece of property until a debt or loan associated with that property is fully repaid.