Chapter 24 Flashcards
1
Q
Ad valorem
A
Tax according to valuation.
2
Q
Depreciation
A
Loss of value brought about by physical deterioration or functional or economic obsolescence.
3
Q
FIRPTA Federal Investment in Real Property Tax Act
A
An amount withheld from the sale of Hawaii property when the seller is a foreigner.
4
Q
HARPTA Hawaii Real Property Tax
A
An amount withheld from sale of Hawaii property belonging to a non-resident seller.
5
Q
Special Assessment
A
An assessment generally made against only those specific parcels of realty directly benefiting from the improvement.
