18 - Taxes Affecting Real Estate

Question 0

The estimate of value that is determined by the county property appraiser is called ______ which by law must be based on the concept of just value.

Answer 0

Assessed value

Question 1

Each taxing authority must first do what to forecast the amount of revenue that is needed to fund operations for the coming year?

Answer 1

Establish a budget

Question 2

Which is the first step in protesting a tax assessment?

Answer 2

Requesting an informal conference with the county property appraiser.

Question 3

Which properties are immune and, therefore, are not assessed, or subject to, taxation when used to provide government services?

Answer 3

Property owned by local, state, and federal government.

Question 4

Qualifying properties are entitled to a homestead tax exemption up to _______ of assessed value.

Answer 4

$50,000

Question 5

To qualify for the homestead tax exemption, one must own the property and be a resident of the state on or before _______, and must file for the exemption with the county property appraiser but between ________ and ________ of the following year.

Answer 5

January 1, January 1, March 1

Question 6

The following individuals are eligible for additional exemptions in the amount of $500.

Answer 6

Widows and widowers who have not remarried and blind person

Question 7

Individuals eligible for additional exemptions in the amount of $5000 are

Answer 7

Veterans of military service with at least a 10% military service-related disability

Question 8

Any individual, veteran or not, who is totally and permanently disabled is entitled to _____% exemption from payment of property taxes

Answer 8

100

Question 9

What percentage of the assessed value of homestead property is limited as to the amount of increase the county property appraiser may assign to the lesser according to the consumer price index (CPI)?

Answer 9

3%

Question 10

_________ are tax levies which are used to pay for specific public improvements that add value to the property.

Answer 10

Special assessments

Question 11

If the property owner does not pay the property taxes before April 1 of the year following the assessment, the tax becomes ____________.

Answer 11

Delinquent

Question 12

_________ are deductible as an expense when calculating federal income taxes for all homeowners who file itemized returns.

Answer 12

real estate property tax deduction

Question 13

For tax years beginning after 1987, taxpayers can deduct _______ paid for acquiring, constructing, or substantially improving a principal or secondary residence up to $1,000,000 of acquisition indebtedness.

Answer 13

Mortgage interest paid

Question 14

Taxpayers can deduct interest paid on amounts up to $100,000 of home equity indebtedness is in addition to __________.

Answer 14

interest paid on acquisition indebtedness

Question 15

The taxpayer here relief act of 1997 establish new tax treatment for homeowners when the sale of a principal residence occurred subsequent to May 6, 1997. Under the 1997 tax act, married couples, who have owned and use the property as a principal residence for at least two of the previous five years prior to sale, may exclude up to $500,000 of gain on the sale from tax taxation

Answer 15

Sale of principal residence

Question 16

What is used to pay for sidewalks, sewer and other public improvements that benefit the property owner?

Answer 16

Special assessments

Question 17

To which organization is real estate tax most important?

Answer 17

Local government

Question 18

Which laws limit the assessed value on agricultural land in or near urban areas?

Answer 18

The Greenbelt laws

Question 19

Property owners who pay their real estate tax bill in November are entitled to which discount?

Answer 19

4%

November 4%
December 3%
January 2%
February 1%

Question 20

Owners of a homestead property located outside the city limits would be required to pay property taxes levied by whom?

Answer 20

By the county and school board

Question 21

How is 10 Mills expressed as a decimal?

Answer 21

.010

Question 22

Which statement best describes the interest that is paid on text certificates?

Answer 22

It is based on the lowest bid received