REAL ESTATE CHAPTER 18 TERMS

The Latin phrase, ___ ___, means "according to value." ... In the most common application of ___ ___ taxes, municipal property taxes, the real estate of property owners is periodically assessed by a public tax assessor to determine its current value.

An ___ ___ is the dollar value assigned to a property to measure applicable taxes. ___ ___ determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.

The Florida Constitution was amended effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption to three percent or the change in the Consumer Price Index, whichever is lower (click here for CPI history). No assessment, though, shall exceed current fair market value.

___ ___, under the law of property in many jurisdictions, is property that can neither be passed by will nor claimed by creditors of the deceased in the event that a decedent leaves a surviving spouse or surviving descendants.

All legal Florida residents are eligible for a ___ ___ ___ on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence.

Government building are immune from taxes because the government is the taxing authority (freedom from the requirement)

Means the price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.

The ___ ___ is the tax rate on the assessed value. ___ ___ are typically expressed per $1,000 with one mill representing $1 in tax for every $1,000. Most states also require a tax on personal property which is also usually derived from the property's assessed value.

It's the ability to transfer the “Save Our Homes” cap (the difference between your market value and assessed value) from an existing homestead to a new homestead.Portability became effective January 1, 2008, with the passage of Amendment 1.

- fees that Homeowners Associations will charge to owners to cover the costs of building repair that exceed the amount in the current budget.

-A second definition for ___ ___ refers to dues that the local city government charges on homeowners for utilities, road maintenance, and other services like fire protection and street lighting.

A ___ ___ is the percentage at which an individual or corporation is taxed. The ___ ___ is the tax imposed by the federal government and some states based on an individual's taxable income or a corporation's earnings.

Percentage of property value used to determine how much the property owner pays in taxes.

An assessed value is the dollar value assigned to a property to measure applicable taxes. ... The assessed value of real estate or personal property is only used for measuring the applicable property tax, also known as an ad valorem tax.