Gold coast (Chapter 18) With Correct Solutions(SCORED A)

to which organization is real estate tax most important? A. The federal government b. The state government c. At the local government D. Local nonprofit - ANSWER C. At the local government What does the country property appraiser determined? A. Tax rate B. Market value C. Assessed value D. Just value - ANSWER C. Assessed value which of the following statements best describes the green belt laws? A. They limit the accessed value on agricultural land in or near urban areas B. They helped to raise the tax base C. They provide for the best use of land D. They prevent land from being used for development - ANSWER A. They limit the access value on agricultural land in or near urban areas What discount percentage is given to property owners who pay their real estate tax bill in November? A. 1% B. 2% C. 3% D. 4% - ANSWER D. 4% which statement would be correct in regarding a single homeowner who sold a principal residence and itemized deductions on his or her federal income tax return? A. Any capital gain realized from the state is taxable at a reduced rate b. All capital gain would be subject to tax at the taxpayer's marginal rate c. A loss of up to $3,000 on the sale may be deducted from adjusted income D. Up to $250,000 may be excluded from taxation if the taxpayer payer had occupied the residence for at least two of the past 5 years - ANSWER D. Up to $250,000 May excluded from taxation if the taxpayer had occupied the residence for at least two of the past 5 years What must an individual do to qualify for a homestead tax exemption? A. Own the property B. Own and use the home as a primary residence C. File for a homestead tax exemption by March 31st D. Live in his or her principal residence for the entire year - ANSWER B. On and use the home as a primary residence complete this statement. In Florida, the owner of a homestead property located outside of the city limits is required to pay property taxes levied blank a. On the total assessed value of the property b. By the nearest city C. By the county and School board d. By the state of Florida - ANSWER C. By the county and School board who can appraise property for purposes of taxation? A. The county property appraiser b. The local school board C. The city in which the property is located d. Special taxing districts - ANSWER A. The county property appraiser How is 10 mills expressed as a decimal? A. 1.00 b. 100 c. .010 d. .001 - ANSWER C. .010 Special assessments are used to pay for which of the following? A. school B. sidewalks, sewers and other public improvements that benefit the property owner C. City services in excess of operating venues d. New public structures, such as sport facilities - ANSWER B. Sidewalks, sewer and other public improvements that benefit the property owner Complete this statement. If a property owner fails to pay property taxes, the resulting lean is blank. a. Held by the county until the certificate is sold B. Owned by the county property appraiser c. Foreclosed on by the sheriff D. Sold at public auction for the highest interest rate - ANSWER A. Held by the county until the certificate is sold according to Florida's save our homes act, the assessed value of homestead property cannot be increased in any one year by more than which of the following? A. The lesser of 3% or the CPI B. The greater of 3% or the CPI C. 10 mills D. An amount determined by the county property appraiser - ANSWER A. The lesser of 3% or the CPI homeowners who file itemized tax returns are allowed deductions for which of the following items? A. Real estate