Chapter 18 (Taxes Affecting Real Estate / Math)

Question 1

Real estate taxes are __________________ __________________ taxes.

Answer 1

ad valorem

Question 2

The county property appraiser determines the __________________ value based on a property’s __________________ value.

Answer 2

assessed,
just

Question 3

A property owner has 25 days to protest their assessed value to the __________________ __________________ __________________ .

Answer 3

value adjustment board

Question 4

The basic homestead tax exemption allows a deduction of __________________ from the assessed value.

Answer 4

$25,000

Question 5

A veteran with at least a 10% military service connected disability is eligible for an additional exemption of __________________ when calculating taxes on homestead property.

Answer 5

$5,000

Question 6

Church-owned property is __________________ from paying real estate taxes.

Answer 6

exempt

Question 7

Government-owned property used to provide government services is said to be __________________ from paying real estate taxes.

Answer 7

immune

Question 8

The total basic homestead tax exemption for a nonveteran cannot exceed __________________ .

Answer 8

$26,000

Question 9

Agricultural properties are limited in assessed value as a result of __________________ __________________ .

Answer 9

greenbelt laws

Question 10

One mill expressed as a decimal is

Answer 10

.001

Question 11

The maximum rate of interest on a tax certificate is __________________ .

Answer 11

18%

Question 12

After __________________ years, the holder of a tax certificate that has not been redeemed may request a __________________ __________________ .

Answer 12

two,
tax deed

Question 13

A married couple who has 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.

Answer 13

two,
five,
$500,000

Question 14

The amount of gain on the sale of a principal residence owned by a single person who has occupied the home for at least two of the past five years is limited to __________________ .

Answer 14

$250,000

Question 15

Homeowners may deduct __________________ __________________ __________________ and __________________ __________________ when filing itemized income tax returns.

Answer 15

real estate taxes,
mortgage interest