Chapter 18: Taxes Affecting Real Estate Flashcards
There are three primary taxing districts in Florida: _____, _____, and ______.
cities
counties
school boards
Taxes are in ______, which is ______ of a dollar.
Mills
1/1000
budget - revenue
————————————– = ?
assessments - exemptions
Tax rate
City, county, and school board taxes are capped at ______ each.
10 mills
Taxes are paid in _______.
Arrears
A tax bill received in Nov. 2013 is for the _______ tax period
Jan. 1 2013 through Dec. 31 2013
Property taxes become delinquent for the previous year on ______ of this year.
April 1
The exemption filing deadline for property taxes are on _______.
March 1st
Property taxes are due on _______.
November 1
The estimate of value determined by the property appraiser is called the ________.
assessed value
You can protest the tax assessment by first __________.
Requesting an informal conference with the county property appraiser.
You must apply for the homestead exemption before ______ and ______.
Jan 1 and March 1
Homestead exemption:
First $50,000 - __________ exemption
Second $50,000 - __________ exemption
basic $25,000 exemption (on all taxes)
second $25,000 exemption (not on school taxes)
Widows and widowers who have not remarried get a ______ tax exemption. (across all 3 taxing authorities)
$500
Blind persons are entitled to a _______ tax exemption. (across all 3 taxing authorities)
$500
Veterans with at least 10% service related disability are entitled to a _______ tax exemption. (across all 3 taxing authorities)
$5,000
The maximum homestead exemption for nonveterans would be ________.
$51,000
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 ______.
3%
Consumer Price Index (CPI)
Homeowners ______ allowed to transfer some or all of the Save Our Homes benefit to a new residence in the state of Florida.
are
Properties of churches and nonprofit organizations are _____ from paying property taxes
exempt
Properties exempt from property taxes _______ assessed for tax purposes.
are
Property owned by federal, state, and local governments are ______ to property taxes.
immune
Properties immune to property taxes ________ assessed for tax purposes.
are not
_________ are tax levies to pay for specific public improvements that add value to the property.
Special assessments
A totally disabled person is entitled to a _______ tax exemption.
total
The maximum transferable cap savings under the Save Our Homes Act is _______.
$500,000
The _______ protect farmers with favorable tax treatment.
greenbelt laws
An _______ tax is one that is based upon the value of a property.
ad valorem
The following items can be deducted from federal income taxes:
- ______
- ______
- ______
- ______
Property tax
Mortgage interest
Home equity line interest
Gains from selling your home ($250,000 personal, $500,000 married)
Each insurance policy you hold pays a _______ of your losses in the event of casualty.
Proportional share
A property owner has ____ days to protest their assessed value to the _______.
25
Value Adjustment Board
The maximum rate of interest on a tax certificate is _____%.
18%
Homeowners outside city limits would be require to pay taxes to _____ and _____ only.
County and school board
The interest payable on tax certificates is based on the ______ bid received.
Lowest
