Chapter 18 Flashcards
1
Q
How are property taxes determined?
A
Property taxes are ad valorem, meaning they are determined by the value, specifically the assessed value of the property
2
Q
What does ad valorem mean?
A
According to value
3
Q
What is the additional tax exemption for a blind person if the property is homestead?
A
$5,000
4
Q
What can be deducted from their federal income taxes if a person owns a home?
A
Mortgage interest and property taxes
5
Q
What is auctioned when a property owner is delinquent on his property taxes?
A
A tax certificate
