Chapter 18 Flashcards
What is an assessed value?
The value determined by the county property appraiser
What do you do if you want to protest the tax assessment made on your home?
request an informal conference with the county property assessor
Which type of property is exempt from paying property taxes?
Church and non-profit organizations. They are assessed, but receive 100% exemption
Which type of property is immune to property taxes?
Government buildings. No assessment is made on these buildings.
For example:
MIA
courthouse
Dade county schools
What is the basic homestead exemption?
The first $25,000 of your property’s value. It applies to all tax mills (city, county, school).
Additional exemptions are only added in the first $25,000
What is the 2nd homestead exemption?
additional $25,000 applied to the value greater than $50,000. It applies only to city and county tax mills
What is the timeframe for a homeowner to apply for homestead exemption?
January 1st to March 1st
What are the additional exemptions given to certain individuals?
$500 to widowers
$500 to blind people
$5000 to veterans with at least 10% disability
How much exemption can a completely disabled receive?
100% exemption
What is the Save our Homes assessment limitation?
Places a cap on how much an assessed value can be raised year by year to 3%
A new homeowner had a higher tax than the previous homeowner. This occurred because of:
The Save Our Homes Assessment limitation
What are special assessments?
Taxes used to pay for public improvements to add value to a property
When a lot measurement is given, which number is given first?
The front-foot
Distance along the street
When does a property owner become delinquent for not paying their property taxes?
April 1st
What are the tax benefits of homeownership?
Real Estate Property Tax deduction
Mortgage Interest deduction
Home Equity Loan interest deduction
