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Flashcards in Taxation and Bonds Deck (49)
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1

Who imposes ad valorem taxes?

State cannot impose it.

Counties and Municipalities can.

2

What is the revenue cap?

It provides that the state can only raise a certain amount of revenue in a year.

3

What is required in order to overcome the revenue cap?

2/3rd super majority requirement for a constitutional amendment.

4

Does Florida charge income tax?

No

5

Does FL charge corporate tax?

Yes but lower than other states.

6

Does FL have a state sales tax?

Yes

7

Is there an intangible tax? If so, what does it cover?

Yes - it covers investment/stocks/bonds

Permitted under state law but generally not enforced

8

Was is a pari-mutual tax?

Tax on gambling - this is source of revenue for the state.

9

What entities are response for Ad Valorem Taxes?

Counties
Cities
School Districts
Special Districts set up in community

10

True or false: Millage must be done uniformly.

True

11

Is there a leasehold tax? If so, what type of property does it apply to.

Yes - property used for commercial use is subject to ad valorem tax.

12

If a property is used for governmental purposes, is there an ad valorem tax?

No

13

Does agricultural property receive any tax benefits?

Yes it is taxed at a lower rate.

Subject to a character and use test.

14

What types of properties are not subject to ad valorem taxation?

1) Property owned by federal government
2) Property owned by state and local government
3) Personal property owned by individual
4) Personal property owned by business
5) Reduction for grand parent quarters
6) Philanthropic Property for education, literary, scientific, religious, or charitable.

15

Are economic development zones subject to ad valorem taxation?

No

16

How do you enact an economic development zone.

Economic: Ordinance plus referendum
Historic: Ordinance is enough

17

Are taxes the same things as fees?

No

18

What is the rule regarding fees?

Fees must be pegged to the per capita use of the facility.

There must be a relationship between the fee charged and the number of people that use it.

All individuals must be charged the same fee.

No surplus should be generated - fee should be enough to cover the cost of operating the facility.

Fee should be used to main the reason for which it is being charged.

Cant divert money raised for a different purpose.

19

True or False: The state can generate a profit from charging a fee.

False - No surplus should be generated - fee should be enough to cover the cost of operating the facility.

20

True or False: You can divert money raised from charging a fee to cover another purpose.

False.

21

Tax or Fee: Charges for parking in a government lot.

Fee

22

Tax or Fee: Toll Roads

Fee

23

What is a special taxing district?

Geographically defined.

Referendum by affected property owners to create the district.

Further vote to tax themselves to pay for particular services that benefit their community.

24

What is an unfunded mandate?

When the state government tells the local government to do something but does not provide money for it.

25

What is a way that the state can finance its expenses?

Issue debt - bonds

26

What is required for the state to issue a bond?

The bond must have a public purpose - broadly defined i.e. anything that promotes tourism

27

True or False: A bond issued by the state cannot have an incidental private benefit.

False - this is ok - Court will do a balancing test to make sure that there is a public benefit.

Ex: Football stadiums

28

What is a revenue bond?

Bonds that are paid off from the revenue of a project.

Bondholders are paid back from any source other than taxes.

Ex: Building a toll from Bonds.
Paying the bonds from toll revenue.

29

What type of bond is this: Building a toll road from bonds and using the revenue from the tolls to pay the bond.

Revenue Bond

30

If the state government issues a revenue bond, must there be a referendum?

No - because the bonds are paid from another source other than taxes.