Chapter 18: Taxes Affecting Real Estate (FITB) Flashcards
Real estate taxes are ____ ____ taxes.
ad valorem
The county property appraiser determines the ____ value based on ____ value.
assessed value based on just value
A property owner has 25 days to protest their assess value to the ____ ____ ____.
value adjustment board
The basic homestead tax exemption allows a deduction of ____ from the assessed value.
$25,000
A veteran with at least a 10% military service connected disability is eligible for an additional exemption of ____ when calculating taxes on homestead property.
$5,000
Church-owned property is ____ from paying real estate taxes.
exempt
Government-owned property used to provide government services is said to be ____ from paying real estate taxes.
immune
The total basic homestead tax exemption for a nonveteran cannot exceed ____.
$26,000
Agricultural properties are limited in assessed value as a result of ____ ____.
greenbelt laws
One mill expressed as a decimal is ____.
.001
The maximum rate of interest on a tax certificate is ____.
18%
After ____ years, the holder of a tax certificate that has not been redeemed may request a ____ ____.
2, tax deed
A married couple who have owned and lived in their principal residence for at least ____ years out of the previous ____ prior to sale, may exclude from federal income tax up to ____ of gain on the sale.
2, 5, $500,000
The amount of gain on the sale of a principal residence owned by a single person who has occupied the home for at least 2 of the past 5 years is limited to ____.
$250,000
Homeowners may deduct ____ ____ ____ and ____ ____ when filing itemized income tax returns.
real estate taxes and mortgage interest
