Chapter 18: Taxes Affecting Real Estate Flashcards
Tax Rate Expressed in Mills
How is 1 mills expressed in terms of decimals?
.001
1 mills = .001
8 mills = .008
13 mills = .013
Tax Rate Expressed in Mills
What id the limit imposed on local government tax rates by the Florida Constitution?
10 mills for each taxing authority
Protesting the Tax Assessment
What is the three-step process in protesting tax assessment?
Step 1: Request informal conference w/property appraiser
Step 2: W/in 25 days of mailing of TRIM notice, file a request for a hearing before the Value Adjustment Board
Step 3: File an appeal w/District Court of Appeals w/in 60 day from date of hearing w/Value Adjustment Board
Homestead Tax Exemption
The permanent residence of a homeowner is eligible to receive a homestead exemption of up to a maximum of $________ of assessed value.
$50,000
Homestead Tax Exemption
To qualify for the homestead tax exemption, the property owner must file for the exemption between __________ and _________ of each year
January 1st and March 1st
Additional Property Tax Exemptions
Widows and widowers who have not remarried receive an additional $_____ in property tax exemption.
$500
Additional Property Tax Exemptions
Blind person receive an additional ______ in property tax exemption
$500
Additional Property Tax Exemptions
Veterans of military service w/ at least a 10% military service-related disability receive an additional $_______ in property tax exemption
$5,000
Additional Property Tax Exemptions
Any individual totally or permanently disabled is entitled to __________ exemption from property taxes
100%
Exempt Properties
Which properties are exempt from property taxes?
Churches and nonprofit organizations engaged in charitable activities
Immune Properties
Which properties are immune from property taxes?
Property owned by the government (local, state, federal)
True or False
Homestead properties are immune from property taxes.
False
Homestead properties are NOT immune from property taxes; they are exempt to a limit
