Real Estate Unit 2 - Government

Question 1

Zoning - Amendment

Answer 1

is a zoning change for an entire area. Can cause legally non conforming use.

Question 2

Non conforming use

Answer 2

allows owners to continue to present use that no longer complies with current zoning. Can’t change the business. Can’t do major structural changes

Question 3

Zoning Variance

Answer 3

Issued by the BOARD OF ADJUSTMENTS when the zoning code causes undue hardship on property owner.

Question 4

Special exception or conditional permit.

Answer 4

File for a conditional use permit. Permission to do business in a residential area.

Question 5

Tax IMMUNE

Answer 5

Government buildings. Not assesse and not taxed.

Question 6

Tax EXEMPT

Answer 6

Subject to taxes but they don’t pay. (Those in surrounding communities pay)

Question 7

Partially Tax Exempt properties

Answer 7

HOMESTEAD - occupied as principal residence, subject to taxation but partially relieved.

Question 8

4 Governmental Rights for Land

Answer 8

Police Power, Taxes, Eminent Domain, Escheat

Question 9

Homestead Protections

Answer 9

From judgement creditors - personal loans and credit card debt.

Question 10

Homestead NOT protected

Answer 10

Property tax, special assessment, mortgages, vendor’s lien, construction lien.

Question 11

Name of Homestead

Answer 11

Save our Homes

Question 12

Application Dates Homestead

Answer 12

Jan 1 - March 1

Question 13

Deadline to pay taxes

Answer 13

March 31

Question 14

Homestead Exemptions

Answer 14

$25k school tax, $25k city and county taxes, additioanl $500 for widow, blind, handicapped

Question 15

Mill rate

Answer 15

by thousands. Move the decimal 3 to the right. EX: 5 becomes .005, 15 becomes .015

Question 16

Save our Homes Purpose

Answer 16

Caps the increase of ASSESSED VALUE. Lesser of the 2: 3% or CPI % Change
Purpose: To protect homeowners from rapidly rising tax rates srpunf from rapidly rising property rates. A credit it given.

Question 17

For tax purposes, property value is

Answer 17

ASSESSED (not appraised).

Question 18

Ad Valorem

Answer 18

At Just Value

Question 19

Percents of savings for City/State taxes paid early:

Answer 19

Nov - 4%
Dec - 3%
Jan - 2%
Feb  - 1%
March - 0%

Question 20

If taxes are delinquent, the county auctions

Answer 20

Property Tax Certificate

Question 21

Green Belt Law

Answer 21

Protect Farmers from higher taxes in rapid growth areas.

Potential development property is taxed at lower agriculture rates.

Question 22

Special Assessment

Answer 22

1. Fees paid against properties that benefit from public improvements.

Question 23

Federal Income Tax Deduction for Principal Residence if itemizing

Answer 23

Mortgage Interest
Interest on Home Equity Loan
Loan Orginiation on Points
Property Taxes

Question 24

Exclusion from Capital Gains Taxes in the sale of principal residence

Answer 24

Under 500k per couple, $250k single
Must own and occupy for 2 years of past 5
Sale at capital loss is not deductible.

Question 25

Deductions for Investment Property

Answer 25

Operating Expenses
Mortgage Interest
Depreciation

Question 26

Straight Line Depreciation

Answer 26

27.5 Years Residential

39 Years Investment

Question 27

Eminent Domain

Answer 27

The RIGHT of the gov to take your property for JUST COMPENSATION.

Question 28

Condemnation

Answer 28

The PROCESS by which the Government enacts Eminent Domain.

Question 29

Just Compensation for Eminent Domain Means

Answer 29

Fair Price plus Damages

Question 30

Effect of Eminent Domain

Answer 30

Gov purchases land, you and your tenants are out. Any ownership and tenant rights are terminated.

Question 31

Escheat

Answer 31

You die Intestate (no will) with no heirs, your land reverts to the government

Question 32

Intestate

Answer 32

No will