CH 3 - Land Use Controls & Regs Flashcards
How do you calculate Assessed Value on property?
Appraised Value * Assessment Rate
i.e. $200,000 * 0.04 = $8,000
How do you calculate Annual Tax on a property with a $8,000 assessment value and a 0.181 millage rate?
$8,000 * 0.181 = $1,448
What type of taxes can be charged if agricultural land is used for a different purpose?
6% Rollback Taxes (can be charged backward 5 years)
When the government exercises its right of Eminent Domain, it must be for whose benefit? And what must be paid for the property?
for public benefit; and Just Compensation must be paid
To assure proposed land uses conform with master plan, this is the primary intent of ___________.
zoning ordinances
Development/building plans must be submitted to ___________ for approval.
the municipality
_____________ run with the land and apply to and bind successive owners of the property and enforced by HOA.
Restrictive covenants
What does buying a discount point do to your loan?
It lowers your interest rate by 1/8 of a point.
How much is a discount point on a $150,000 purchase, with a 20% down payment?
$1,200
i.e. $150,000 * .80 * .01 = $1,200
What are the time limits for a 1031 exchange?
Designate a replacement property, in writing, 45 days from the sale of your property.
Close on the new property 180 days from the sale of your property.
A rental property has been appraised at $92,500. Millage rate is 127 mills, what are the property taxes?
$92,500 * .06 * 0.127 = $704.85
What type of relief is available under the SC Homestead Exemption for a person over age 65?
$50,000 reduction in fair market value of the property
If property taxes on an owner-occupied house are $1,200 per year, what millage rate was used for a property appraised at $150,000?
$150,000 * 0.04 = $6,000 (assessment value)
$1,200 / $6,000 = 0.2 (200 mills)
The purpose of ___________ is to ensure compliance with building codes.
building permits
When real property passes to the state after an owner dies without a will or known heirs, this is called _____.
Escheat
These characteristics would each individually qualify what exemption in SC?:
- 65 years of age
- totally disabled
- legally blind
SC Homestead Exemption
True of False: Deed restrictions is a type of public control.
False, deed restrictions is a private control! Things like building codes and zoning laws are public controls.
Area of a right triangle with 100’ height and 100’ base?
(100 * 0.5) * 100 = 5,000
you can deduct mortgage interest paid on acquisition debt which totals to _________
up to $1,000,000 in acquisition debt
you can deduct mortgage interest paid on equity debt which totals to __________
up to $100,000 in equity debt
