Chapter 18 preview · Real Estate Pre-Licensing (63 Hours)Vista previa del capítulo 18 · Real Estate Pre-Licensing (63 Hours)
Real Estate Investments & Business Opportunity Brokerage
Chapter 18 of the state-approved course focuses on the various taxes affecting real estate in Florida. Understanding property taxation, exemptions, and special assessments is crucial for real estate professionals and investors.
Chapter audio lessonAudio del capítulo
The chapter audio provides an overview of property taxation in Florida, discussing various tax types and their implications for real estate investors.
Key termsTérminos clave
- ad valorem
- Ad valorem refers to a tax based on the assessed value of property, commonly used in real estate taxation.
- assessed value
- Assessed value is the value assigned to a property by a tax assessor for the purpose of determining property taxes.
- homestead exemption
- The homestead exemption provides a reduction in property taxes for primary residences owned and occupied by qualified Florida residents.
- special assessment
- A special assessment is a charge levied on property owners to fund specific local improvements that benefit their properties, such as road repairs or sidewalk installations.
- millage rate
- The millage rate is the amount per $1,000 of assessed property value that is used to calculate property taxes.
Ask the AI tutorPreguntar al tutor de IA
Practice questions for this chapterPreguntas de práctica para este capítulo
- A town is replacing a sidewalk that serves five homes. The length of the sidewalk is 200 feet. Mary's property has 38 feet of front footage. If the cost of the project to be paid by a special assessment is $7,000, what will Mary's assessment be?
- Aaron finally found a buyer for his six-plex and closing is set for June 20th. At closing, four of his tenants have paid their $650 rent and two of the units remain unoccupied. What will the proration be assuming the 365-day method and that the closing day belongs to the seller?
- The village of Parrish has an annual budget requirement of $20,000,000 to be funded by property taxes. Assessed valuations are $400,000,000, and exemptions total $25,000,000. What must the tax rate be to finance the budget?
- A homeowner sold her house and had net proceeds of $191,000. Her adjusted basis in the home was $176,000. She immediately bought another house for $200,000. What was her capital gain?
- A property is purchased for $200,000. Improvements account for 75% of the value. Given a 39-year depreciation term, what is the annual depreciation expense?
Frequently asked questionsPreguntas frecuentes
Is property tax in Florida based on federal or state law?
Property tax in Florida is governed by state law and is imposed by local taxing entities, as there are no federal property taxes.
What happens if property taxes are not paid in Florida?
If property taxes are not paid, they become a lien on the property, and after a certain period, the property may be sold at a tax sale to recover the owed taxes.
Can a property owner receive multiple exemptions in Florida?
Yes, a property owner may qualify for multiple exemptions, such as the homestead exemption and exemptions for certain types of nonprofit properties, which can significantly reduce their overall tax burden.
Keep studyingSigue estudiando
Ready for the full state-approved course?¿Listo para el curso completo aprobado por el estado?
This free chapter preview is part of our licensed program — enroll to unlock all chapters, quizzes, and your certificate path.Esta vista previa gratuita es parte de nuestro programa con licencia — inscríbete para desbloquear todos los capítulos, cuestionarios y tu camino al certificado.