Chapter 18: Taxes Affecting Real Estate (FITB) Flashcards Preview

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Flashcards in Chapter 18: Taxes Affecting Real Estate (FITB) Deck (15)
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1
Q

Real estate taxes are ____ ____ taxes.

A

ad valorem

2
Q

The county property appraiser determines the ____ value based on ____ value.

A

assessed value based on just value

3
Q

A property owner has 25 days to protest their assess value to the ____ ____ ____.

A

value adjustment board

4
Q

The basic homestead tax exemption allows a deduction of ____ from the assessed value.

A

$25,000

5
Q

A veteran with at least a 10% military service connected disability is eligible for an additional exemption of ____ when calculating taxes on homestead property.

A

$5,000

6
Q

Church-owned property is ____ from paying real estate taxes.

A

exempt

7
Q

Government-owned property used to provide government services is said to be ____ from paying real estate taxes.

A

immune

8
Q

The total basic homestead tax exemption for a nonveteran cannot exceed ____.

A

$26,000

9
Q

Agricultural properties are limited in assessed value as a result of ____ ____.

A

greenbelt laws

10
Q

One mill expressed as a decimal is ____.

A

.001

11
Q

The maximum rate of interest on a tax certificate is ____.

A

18%

12
Q

After ____ years, the holder of a tax certificate that has not been redeemed may request a ____ ____.

A

2, tax deed

13
Q

A married couple who have owned and lived in their principal residence for at least ____ years out of the previous ____ prior to sale, may exclude from federal income tax up to ____ of gain on the sale.

A

2, 5, $500,000

14
Q

The amount of gain on the sale of a principal residence owned by a single person who has occupied the home for at least 2 of the past 5 years is limited to ____.

A

$250,000

15
Q

Homeowners may deduct ____ ____ ____ and ____ ____ when filing itemized income tax returns.

A

real estate taxes and mortgage interest

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