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National · Brokerage & Practice — free study notes for the real estate licensing exam.
💼 Brokerage & PracticeLocal governments tax real property ad valorem (according to value). The assessor sets an ASSESSED value; the tax = assessed value × the tax rate (often expressed in MILLS, where 1 mill = $1 per $1,000). Unpaid property taxes become a superior lien and can lead to a tax sale. Owners may appeal an assessment, and exemptions (e.g., homestead) can lower the taxable base.
Yes. Brokerage & Practice is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
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