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Florida Real Estate > Section 18 > Flashcards

Section 18 Flashcards

1
Q

By looking at the combined property values within a taxable area and the budget needs of the government, what is calculated to multiply by each property value to determine each individual owner’s taxes owed?

A

millage rate

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2
Q

Per Florida Statutes; county, city, and school taxes cannot each exceed

A

10 mills

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3
Q

is based on the best use of the property, the property location, the property size, the replacement value of the property, and the condition and income generated from the property.

A

Just value

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4
Q

Taxable Value x Tax Rate =

A

Taxes Due

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5
Q

One mill equals

A

1/1000th of a dollar expressed as 0.001

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6
Q

Property assessments and proposed tax rates for the year sent to each property owner by August of
the year being taxed as the

A

Truth in Millage or TRIM notice

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7
Q

The tax bill is sent out around late October or early November. Full payment of the tax bill which is
being charged in arrears is due by

A

March 31st of the next year

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8
Q

Truth in Millage or TRIM notice is sent to owners each year during which month?

A

August

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9
Q

There are 3 options to protest a property tax assessment:

A
  1. Informal meeting with the property appraiser;
  2. File an appeal with the Value Adjustment board;
  3. Litigate in court
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10
Q

Petitions of appeal to the value adjustment board must be done within __ days of the TRIM notice
being mailed

A

25

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11
Q

Lawsuits must be filed within __ days of the date of a VAB decision or the property appraiser’s certification of the tax roll, whichever is later

A

60

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12
Q

Amendment I passed in 2008 limits property tax:

Part 1. Provides for an additional ________ tax exemption;

A

homestead

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13
Q

Amendment I passed in 2008 limits property tax:

Part 2. Created a ________ provision;

A

Portability

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14
Q

Amendment I passed in 2008 limits property tax:
Part 3. Provided for ________ ________ tax
exemptions;

A

personal property

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15
Q

Amendment I passed in 2008 limits property tax:

Part 4. Placed an __________ ____ on non-homestead property

A

Assessment Cap

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16
Q

Amendment I passed in _____

A

2008

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17
Q

are Immune to taxation and no tax is assessed

A

Government buildings

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18
Q

property that has been assessed, however, the property is relieved of paying taxes through their applied tax exemptions such as with churches or schools

A

Exempt property

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19
Q

The first ________ of the homesteaded property value is exempt from taxation for all county, city and school property taxes

A

$25,000

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20
Q

The just value of a property minus the actual assessed value is considered the value of the

A

Save Our Homes (SOH) Benefit

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21
Q

Any assessed value between _______ and ________ of homestead property is exempt from taxation for county and city taxes. It is not exempt for school taxes

A

$50,000 and $75,000

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22
Q

The Save Our Homes amendment limits changes in assessed values to ____ of the previous year’s assessed value or the percentage of change in the Consumer Price Index – whichever is lower

A

3%

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23
Q

If the just value of the new homestead is more than the previous home’s just value, the entire cap value can be transferred:

the SOH Benefit
=

A

Assessed Value of New Home

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24
Q

Veterans and spouses receive a _______ exemption if at least 10% disabled from military service. Not
limited to homesteaded property

A

$5,000

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25
Q

Veterans and spouses have ____ exemption when totally and permanently disabled or confined to a
wheelchair for a military related incident

A

100%

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26
Q

There is an additional ____ exemption for homesteaded property for a widow/er; if totally and
permanently disabled; or legally blind

A

$500

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27
Q

There is a ____ exemption for a quadriplegic.

A

100%

28
Q

Surviving spouses of soldiers who died in military duty are ____ exempt

A

100%

29
Q

a partial exemption that protects agricultural land from being taxed as having a higher value if theoretically used for some other purpose than agricultural.

A

Greenbelt law exemption is

30
Q

Part 4 of Amendment I places an assessment cap of ___ increases per year for non-homesteaded property

A

10%

31
Q

taxes placed on property owners for a one-time purpose

A

Special assessments

32
Q

Unpaid special assessments become a ____ on the property just as do unpaid property taxes.

A

lien

33
Q

A Property tax lien is a ______ lien taking first position in lien order with a special assessment lien taking the next position

A

superior

34
Q

Property tax bills that go unpaid after the due date of March 31st, are sold publicly through a

A

Tax Certificate

35
Q

If the tax certificate remains unpaid by the property owner for a period between 2 and 7 years, a sale
by auction of the actual property can be forced. The amount of interest paid is part of the bidding
process and is capped at an ___ maximum rate

A

18%

36
Q

Property owners can claim a mortgage interest deduction on their federal taxes for their

A

principal residence and a second home

37
Q

Property owners may deduct the amount of property taxes on their principal residence and second home on their

A

federal taxes

38
Q

Property purchasers may use an IRA withdrawal of up to _______ for a home down payment as a “First Time Home Buyer” without incurring a federal tax early withdrawal penalty.

A

$10,000

39
Q

Property sellers are excluded from capital gains tax for a sale of their principal residence of capital gains up to

A

$250,000

40
Q

married sellers are excluded from capital gains tax for a sale of their principal residence of capital gains up to

A

$500,000

41
Q

To be excluded from capital gains taxes, sellers must have lived in the property as a primary residence for __ out of the previous five years prior to the sale

A

2

42
Q

Property owners may deduct interest paid on home equity loans of up to _______ for the federal tax
years the interest is paid.

A

$100,000

43
Q

Property owners may claim a deduction on federal taxes for _______ ______ charged by lenders of home mortgages

A

discount points

44
Q

Property owners may deduct from federal taxes __________ points paid to refinance a home. These points are deducted over the life of the loan.

A

origination

45
Q

means that up to 15 percent of the purchase price may be required to be withheld by the purchaser on a sale by a foreign seller

A

Foreign Investment in Real Estate Property Tax Act (FIRPTA)

46
Q

If the buyer completes a sale without the required withholding being collected from the seller, the payment of the tax burden shifts to the

A

buyer

47
Q

Cash flow is also called

A

after tax cash flow

48
Q

Cash flow can be defined as “before tax” or ____ ______ ____ when it doesn’t include the expense of income taxes paid on the profit of the real estate investment

A

Cash throw-off

49
Q

takes the depreciable basis and subtracts proportionally from a tax year’s gross income over a period of years defined as set by the IRS

A

straight-line depreciation

50
Q

basis (or adjusted basis) minus the value of the land

A

Depreciable basis

51
Q

The period for which the IRS divides depreciation under the straight-line depreciation method is determined by the “useful asset life” of the property:

A

27.5 years for residential rental property

39 years nonresidential income-producing property

52
Q

charged on property held for one year or less and are taxed as ordinary income.

A

Short-Term Gains

53
Q

charged on property held for longer than a year

A

Long Term Capital Gain

54
Q

Property tax is called an __ _______ tax.

A

ad valorem

55
Q

The profit or loss from the sale of a property or other asset

A

capital gains

56
Q

an alternative method for managing and financing infrastructure required to support community development

A

Community Development District (CDD)

57
Q

a local, special purpose government authorized by

Chapter 190 of the Florida Statutes

A

Community Development District (CDD)

58
Q

The amount of money needed to meet the payments on the loan

A

debt service

59
Q

Properties that are not included for taxation. Tax is calculated, but not charged

A

exempt properties

60
Q

taking payments on the sale, thereby deferring taxation until year that payment is received.

A

installment sale

61
Q

Properties, mainly government properties, that are not figured in the tax rolls at all

A

immune properties

62
Q

defined as market value

A

just value

63
Q

when the investor sells one property to purchase another

A

like-kind exchange

64
Q

a unit of money equaling $1 for each $1,000

A

mill

65
Q

A one-time purpose taxation such as sidewalk improvement assessment

A

special assessment

66
Q

gross income minus operating expenses including the cost of financing but not including money set aside for reserves

A

taxable income

67
Q

Assessed value minus applicable exemptions.

A

taxable value

Florida Real Estate (20 decks)

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