Chapter 13: Real Estate Taxes Flashcards Preview

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Flashcards in Chapter 13: Real Estate Taxes Deck (25)
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1
Q

Ad Valorem

A

According to value; annual real estate taxes are ad valorem taxes

2
Q

Assessed Value

A

A property’s value for ad valorem tax purposes as established by the county property appraiser

3
Q

Debt Service

A

Annual mortgage payments, including principal and interest

4
Q

Exempt Property

A

Real property excused for payment of ad valorem taxes

5
Q

Immune Property

A

Real property that is never assessed or required to pay ad valorem taxes, such as government buildings

6
Q

Installment Sale

A

When the buyer pays the purchase price over time in separate installment payments

7
Q

Just Value

A

A fair and reasonable value; the property appraiser is required to assess properties at their Just Value

8
Q

Like Kind Exchange

A

An exchange of one property for another with a deferral of tax consequences; also known as a “1031 exchange”

9
Q

Mill

A

One one-thousandth (.001)

10
Q

Special Assessment

A

A one-time tax assessed against a property that will directly benefit from some public improvement

11
Q

Tax Rate

A

The millage rate; the tax rate is multiplied by the taxable value of a property to determine the levy

12
Q

Taxable Income

A

Income that is subject to taxation

13
Q

Taxable Value

A

Value of property for tax purposes determined by subtracting all exemptions from the assessed value

14
Q

Time is of the Essence

A

Contractual clause indicating that all time deadlines will be strictly enforced; Failure to timely perform will result in an automatic default of contract

15
Q

A one-time tax levied against properties that will directly benefit from a government expenditure or improvement is known as:

A

Special assessment

16
Q

Bob and Terri have lived in their principal residence for the last three years. When they sell the property, they realized an $80,000 gain. If they are in the 35% tax bracket, how much money will they owe in taxes as a result of the sale?

A

$0

17
Q

Which of the following is an example of an exempt property?

    A     Courthouse
B	Residential property
C	Church
D	Restaurant
A

C Church

18
Q

The county property appraiser assesses real property according to its fair and equitable value, known as the:

A

Just value

19
Q

Long term capital gains held for more than one year are taxed at what rate?

A

15%

20
Q

Real property taxes begin to accrue on January 1st of each year. When are they first due and payable?

A

November 1st

21
Q

Ed purchased a tax certificate in May. How many years must he wait before he may timely request a tax deed be issued?

A

Two years

22
Q

Which of the following is an “ad valorem tax”?

A

Real property tax

23
Q

If a property owner disagrees with assessed value determined by the county property appraiser, the first step for the property owner should be:

A

File a protest directly with the property appraiser’s office

24
Q

How much is the highest interest rate bid allowed on a tax certificate auction?

A

18%

25
Q

What type of laws are designed to provide farmers and agricultural property owners relief from high taxes by assessing their properties at a lower amount?

A

Greenbelt laws