Chapter 18: Taxes Affecting Real Estate

Question 1

There are three primary taxing districts in Florida: _____, _____, and ______.

Answer 1

cities
counties
school boards

Question 2

Taxes are in ______, which is ______ of a dollar.

Answer 2

Mills

1/1000

Question 3

budget - revenue
————————————– = ?
assessments - exemptions

Answer 3

Tax rate

Question 4

City, county, and school board taxes are capped at ______ each.

Answer 4

10 mills

Question 5

Taxes are paid in _______.

Answer 5

Arrears

Question 6

A tax bill received in Nov. 2013 is for the _______ tax period

Answer 6

Jan. 1 2013 through Dec. 31 2013

Question 7

Property taxes become delinquent for the previous year on ______ of this year.

Answer 7

April 1

Question 8

The exemption filing deadline for property taxes are on _______.

Answer 8

March 1st

Question 9

Property taxes are due on _______.

Answer 9

November 1

Question 10

The estimate of value determined by the property appraiser is called the ________.

Answer 10

assessed value

Question 11

You can protest the tax assessment by first __________.

Answer 11

Requesting an informal conference with the county property appraiser.

Question 12

You must apply for the homestead exemption before ______ and ______.

Answer 12

Jan 1 and March 1

Question 13

Homestead exemption:
First $50,000 - __________ exemption
Second $50,000 - __________ exemption

Answer 13

basic $25,000 exemption (on all taxes)

second $25,000 exemption (not on school taxes)

Question 14

Widows and widowers who have not remarried get a ______ tax exemption. (across all 3 taxing authorities)

Answer 14

$500

Question 15

Blind persons are entitled to a _______ tax exemption. (across all 3 taxing authorities)

Answer 15

$500

Question 16

Veterans with at least 10% service related disability are entitled to a _______ tax exemption. (across all 3 taxing authorities)

Answer 16

$5,000

Question 17

The maximum homestead exemption for nonveterans would be ________.

Answer 17

$51,000

Question 18

In the Save Our Homes Act, the assessed value of a property is limited as to the amount of increase to the lesser of ______% or the percent change in the ______.

Answer 18

3%

Consumer Price Index (CPI)

Question 19

Homeowners ______ allowed to transfer some or all of the Save Our Homes benefit to a new residence in the state of Florida.

Answer 19

are

Question 20

Properties of churches and nonprofit organizations are _____ from paying property taxes

Answer 20

exempt

Question 21

Properties exempt from property taxes _______ assessed for tax purposes.

Answer 21

are

Question 22

Property owned by federal, state, and local governments are ______ to property taxes.

Answer 22

immune

Question 23

Properties immune to property taxes ________ assessed for tax purposes.

Answer 23

are not

Question 24

_________ are tax levies to pay for specific public improvements that add value to the property.

Answer 24

Special assessments

Question 25

A totally disabled person is entitled to a _______ tax exemption.

Answer 25

total

Question 26

The maximum transferable cap savings under the Save Our Homes Act is _______.

Answer 26

$500,000

Question 27

The _______ protect farmers with favorable tax treatment.

Answer 27

greenbelt laws

Question 28

An _______ tax is one that is based upon the value of a property.

Answer 28

ad valorem

Question 29

The following items can be deducted from federal income taxes:

1. ______
2. ______
3. ______
4. ______

Answer 29

Property tax
Mortgage interest
Home equity line interest
Gains from selling your home ($250,000 personal, $500,000 married)

Question 30

Each insurance policy you hold pays a _______ of your losses in the event of casualty.

Answer 30

Proportional share

Question 31

A property owner has ____ days to protest their assessed value to the _______.

Answer 31

25

Value Adjustment Board

Question 32

The maximum rate of interest on a tax certificate is _____%.

Answer 32

18%

Question 33

Homeowners outside city limits would be require to pay taxes to _____ and _____ only.

Answer 33

County and school board

Question 34

The interest payable on tax certificates is based on the ______ bid received.

Answer 34

Lowest