Property taxes Flashcards
(16 cards)
Property taxes are __ ___ taxes (according to value)
ad valorem
Ad valorem taxes are based on the assessed value of the property.
Property taxes are levied on a ____ - ____ basis
calendar-year
This means property taxes are assessed based on the entire calendar year.
Property taxes are paid in ____
arrears
This indicates that payment is made after the tax year has ended.
Property taxes become a lien on ____ ____ of each year
January 1st
Property tax liens are ____ to any other lien regardless of date
superior
This means property tax liens take precedence over other types of liens.
Property taxes for the previous year become delinquent on ____ __
April 1
Delinquency occurs on April 1 of the year following the tax year.
What is the typical timeline for property taxes in Florida?
January 1st: lien established
November 1st: tax bills mailed
April 1st (of the following year): taxes become delinquent
Just value is the ____ and ____ value based on objective valuation methods
fair and reasonable
Just value reflects an unbiased assessment of the property’s worth.
Just value is interpreted by courts to represent ____ value
market value
Market value is what a willing buyer would pay for the property in an open market.
Notice of proposed property taxes (TRIM notice) is _____ to property owner
mailed
The TRIM notice informs property owners of the proposed taxes for the upcoming year.
What is the Protest procedure (ABC) if you don’t agree with the assessed value?
A - Appraiser (contact the country property appraiser’s office)
B - Board (value adjustment board)
C - court (litigation)
This procedure outlines the steps to contest an assessed property value.
If you didn’t pay your property taxes, a ___ ____ is issued for each delinquent property
tax certificate
A tax certificate is a legal document indicating the amount owed in property taxes.
Once the tax certificate is issued, there is a tax certificate ____
auction
This auction allows investors to bid on the rights to collect delinquent taxes.
What happens in a tax certificate auction?
- The county sells the right to collect those taxes to investors
- These investors don’t own the property. But they have purchased the right to receive the unpaid tax amount, plus interest… (their reward would be the interest on unpaid taxes)
What is redemption of a tax certificate?
The property owner pays off the outstanding tax certificate
- This payment stops the potential loss of property through a tax deed sale.
- So they would pay what’s owed, plus interest, to the investor who bought the tax certificate
What must be paid to redeem a tax certificate?
What’s owed, plus interest
The property owner must pay the total amount due to the investor who purchased the certificate.
