Florida Real Estate Exam: Chapter 18 -
Taxes Affecting Real Estate | Questions
& Answers (100% Correct Answers)
The Federal government does not tax - ANSWER- real estate, neither does the state of Florida
The Federal government does not tax real estate, neither does the - ANSWER- state of Florida
The local governments, cities and counties, depend on real estate taxes to - ANSWER- pay for local necessities such as fire and police protection, libraries, parks and municipal buildings
Local governments, cities and counties, depend on real estate taxes to pay is for - ANSWER- fire
Local governments, cities and counties, depend on real estate taxes to pay is for - ANSWER- police protection
Local governments, cities and counties, depend on real estate taxes to pay is for - ANSWER- libraries
Local governments, cities and counties, depend on real estate taxes to pay is for - ANSWER- parks
Local governments, cities and counties, depend on real estate taxes to pay is for - ANSWER- municipal buildings
Revenue is - ANSWER- the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses
A source of local revenue includes - ANSWER- sales tax, income tax, public utility taxes, and user taxes
A source of local revenue include - ANSWER- sales tax
A source of local revenue include - ANSWER- income tax
A source of local revenue include - ANSWER- public utility
A source of local revenue include - ANSWER- taxes A source of local revenue include - ANSWER- user taxes
User taxes are - ANSWER- taxes imposed on the privilege of using something
Florida Statutes require that property be assessed at - ANSWER- just value
Just value is - ANSWER- the fair and reasonable value based on objective valuation methods
If a property has been sold in the previous year, the sale price is considered in - ANSWER- assessing the value of the property
When a property is sold, representatives of the property appraiser's office go into the community to - ANSWER- assess property and collect data
When a property is sold, representatives of the property appraiser's also examine - ANSWER- properties that have recently sold to collect data
Assessed value is - ANSWER- the value that is used for tax purposes
Real estate taxes derived from assessed value are called - ANSWER- Ad Valorem taxes
The words, Ad Valorem, are Latin for - ANSWER- according to valuation
Real property tax is an ad valorem tax based on - ANSWER- the assessed valuation of the property
Real estate is accessed for - ANSWER- tax purposes by county appraisers
An assessment is - ANSWER- an official valuation of real property for tax purposes based on appraisals by the local assessor's office
Once an assessed value or a property has been established and the homeowner has been notified, the homeowner has - ANSWER- certain rights of appeal of the assessed value
If a homeowner wishes to appeal the assessed value of his property, determined by the local assessor's office, the homeowner should seek an adjustment within _____ days from the county property appraiser, or his representative - ANSWER- 25
If a homeowner appeals the assessed value of his property, determined by the local assessor's office, and the appraiser is in the homeowner's favor, the appraiser has the right to - ANSWER- make a change and lower the assessed value If a homeowner appeals the assessed value of his property and the appeal has been rejected by the county appraiser, the homeowner may file an appeal with the - ANSWER- Value Adjustment Board , a local group made up of 3 county commissioners and 2 local school board members, all elected members
The Value Adjustment Board is - ANSWER- a local group made up of 3 county commissioners and 2 local school board members, all elected members
If the Value Adjustment Board group agrees with the homeowner who has filed an appeal regarding the assessed value of his property, the board can - ANSWER- change
the assessed value, but if the board agrees with the county appraiser, the board rejects the homeowner's request
If the Value Adjustment Board and county appraiser have both rejected an appeal of a homeowner's request to lower the property taxes, the homeowner may - ANSWER- file a suit in the courts after he pays taxes under protest
Certiorari proceeding means - ANSWER- a court will review the matter
If a property owner that is appealing his assessed value of property taxes makes it into court after all other procedure attempts have failed, if the court finds for the homeowner,
it will direct the county appraiser to - ANSWER- re-examine the value with the appropriate methods of value
If a property owner that is appealing his assessed value of property taxes makes it into court after all other procedure attempts have failed, if the court finds for the county appraiser, the homeowner - ANSWER- loses his appeal
One type of real estate property exemption is called - ANSWER- Immune Property. This
is property that the county will not be taxing at all, including federal and state buildings, municipal buildings and airports, etc.
One type of real estate property exemption is called - ANSWER- Exempt or Partially Exempt properties. These are properties such as churches and non-profit organizations that own properties. The county appraiser actually determines the Taxable Value of the property but the owners of the property are not required to pay. In other words, the Exempt properties are subject to taxation, but the owner is released from the obligation
Permanent Florida residents, even if they do not live in Florida all year are entitled to claim a - ANSWER- Florida Homestead Exemption. The exemption must be filed by March 1st of each year and it is renewed every year thereafter
The constitution of Florida allows up to _____ for the homeowner's homestead exemption - ANSWER- $50,000
