Taxes Affecting Real Estate

Question 1

Homestead fraud can result in-

Answer 1

50% penalty for amount taken

Question 2

Boot-

Answer 2

Amount of money personal property is given w/ exchanged property

Question 3

TRIM-

Answer 3

Truth in mileage

Question 4

Purpose of “safe our homes amendment”

Answer 4

Provides restricted rate increase of assessed value of property

Question 5

Meaning of exempt property in FL-

Answer 5

Property is taxed but owner is exempt from paying

Question 6

“Ad valorem” taxes-

Answer 6

Real estate taxes derived from assessed value

Question 7

Assessment-

Answer 7

Official evaluation of real property for tax purposes based on local assessors official appraisal

Question 8

Homeowners right of appeal-

Answer 8

Once assessed value has been established/ home owner has been notified, home owner has certain rights to appeal of the assessed value

Question 9

(3) rules for home owners right to appeal-

Answer 9

1) home owner must appeal for adjustment w/in 25 days from county property appraiser

Question 10

(2) if county appraiser reject appeal homeowner may file appeal w/ _

Answer 10

Value adjustment board w/ elected members

Question 11

Certiorari-

Answer 11

Legal process where it allows higher court to review lower courts decision

Question 12

What happens if previous board/ county appraisers have both rejected the homeowners request?

Answer 12

Home owner may file suit in the courts after they pay taxes under protest

Question 13

(7) scenarios where real estate tax is exempt-

Answer 13

1) immune property
2) exempt/ partially exempt property
3) FL homestead exemption
4) safe our homes
5) disabled veterans
6) 65 or older
7) quadrapeligic

Question 14

Homestead fraud -

Answer 14

Person willingly gives false info w/ purpose of claiming homestead exemption.

Question 15

Homestead fraud punishment-

Answer 15

1)Prison for up to 1 year
2) 5,000 dollar fine
OR BOTH

Question 16

(4) if you’ve had a homestead exemption in the past that you were not entitled to-

Answer 16

1) lien placed against your property for amount of exemption
2) 50% penalty
3) 15% per annum for each year that exemption was fraudulent
4) statue allows lien to be placed retroactively for up to 10 years

Question 17

Immune property-

Answer 17

Non- taxable property that includes federal/ state buildings/ municipal buildings/ airports etc

Question 18

Exempt/ partially exempt properties-

Answer 18

1) churches/ non-profit organizations

Question 19

County appraiser determines taxable value but owner does not have to pay in a-

Answer 19

Exempt/ partially exempt property

Question 20

FL homestead exemption-

Answer 20

Constitution of FL allows up to 50,000 for home owners homestead exemption

Question 21

Save our homes-

Answer 21

Home owner is protected is protected by 3% annual cap

Question 22

FL green belt law was passed in -

Answer 22

1959

Question 23

FL green belt law-

Answer 23

Laws Purpose is to preserve FL farming community. Provides lower taxing rates for agricultural land than the surrounding areas

Question 24

Special assessment taxes-

Answer 24

Multiply front footage by $ per foot of assessment provided by jurisdiction

Question 25

For assessed roads-

Answer 25

Property owner would be obligated per front foot/ would share burden w/ owner across the road

Question 26

Sale of real estate may result in capital gain taxes under (3) scenarios-

Answer 26

1) residential and has been owned 2 years minimum
2) have lived in home as principle home in 2/5 years
3) have not sold more than 1 home in past 24 months