Unit 18- Taxes Affecting Real Estate Flashcards
1
Q
According to the value; in proportion to worth
A
Ad valorem
2
Q
The owner’s original cost plus buying expenses and capital improvements
A
Adjusted basis
3
Q
The profit from the sale of property
A
Capital gain
4
Q
Additional capital or personal property included in a like-kind exchange
A
Boot
5
Q
The accumulated difference between the assessed value and the market value of a homesteaded property due to the annual limit on increases in assessed value.
A
Assessment limitation (SOH benefit)
6
Q
The value of a property for tax purposes.
A
Assessed value
