Chapter 18: Taxes Affecting Real Estate (FITB) Flashcards Preview

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Flashcards in Chapter 18: Taxes Affecting Real Estate (FITB) Deck (15):
1

Real estate taxes are ____ ____ taxes.

ad valorem

2

The county property appraiser determines the ____ value based on ____ value.

assessed value based on just value

3

A property owner has 25 days to protest their assess value to the ____ ____ ____.

value adjustment board

4

The basic homestead tax exemption allows a deduction of ____ from the assessed value.

$25,000

5

A veteran with at least a 10% military service connected disability is eligible for an additional exemption of ____ when calculating taxes on homestead property.

$5,000

6

Church-owned property is ____ from paying real estate taxes.

exempt

7

Government-owned property used to provide government services is said to be ____ from paying real estate taxes.

immune

8

The total basic homestead tax exemption for a nonveteran cannot exceed ____.

$26,000

9

Agricultural properties are limited in assessed value as a result of ____ ____.

greenbelt laws

10

One mill expressed as a decimal is ____.

.001

11

The maximum rate of interest on a tax certificate is ____.

18%

12

After ____ years, the holder of a tax certificate that has not been redeemed may request a ____ ____.

2, tax deed

13

A married couple who have owned and lived in their principal residence for at least ____ years out of the previous ____ prior to sale, may exclude from federal income tax up to ____ of gain on the sale.

2, 5, $500,000

14

The amount of gain on the sale of a principal residence owned by a single person who has occupied the home for at least 2 of the past 5 years is limited to ____.

$250,000

15

Homeowners may deduct ____ ____ ____ and ____ ____ when filing itemized income tax returns.

real estate taxes and mortgage interest

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