Study guide chapter 18

Question 1

Save Our Homes Act:

Answer 1

A law in Florida that limits the increase in Assessed value by no more than 3% a year or CPI, whichever is less for primary residence-Homestead protection. (pg 346)

Question 2

Properties Exempt from taxation

Answer 2

Properties Exempt from taxation are Not for Profit organizations.
eg Churches They are assessed but do not pay taxes. Immune properties are Government owned, neither assessed nor taxed. (pg 161)

Question 3

Special Assessment Tax:

Answer 3

It is a one time tax levy paid to pay for public
improvements to add value to properties in a neighborhood. (i.e. Streetlight, Sewer line,
Sidewalks etc) Paid by lineal feet and shared by the neighbor on the other side of the
Street. (pg 349)

Question 4

A homeowner filing an itemized federal income tax.

Answer 4

A homeowner filing an itemized federal income tax may deduct the Mortgage
Interest paid during the year and the yearly property taxes (pg.354)

Question 5

Property tax Time Line:

Answer 5

August TRIM Notice
November: Tax Due with a 4% Discount
December: 3% discount
January: 2% discount
February: 1% discount
March 31: Tax due at face value
April 1: Tax deliquent
Taxes are paid in Arrears: property Tax is due and payable in full on or before March 31st of the following year.