Section 18

Terms in this set (13)

How much is the homestead exemption for a person who isn65 years of age whose household income does not exceed $20,000
$100,000
The purpose of the Florida Green Belt Law is :
To protect agricultural land from high taxes
What is boot?
The amount of money or personal property given with an exchange property
Susan and john sold the home they had lived in fir 18 months. They had previously sold another house in New York where they had lived for 15 years. They decided to move into an apartment and sell the house because the view is better. They are filing jointly as a married couple and they sell the property for $500,000. Will they owe any capital gain on the property
Yes. Because they have not lived in this home for two of the last five years, they do not meet the exemption requirements.
Tom said his home for $140,000 paying a 7% real estate commission. He bought the home for $45,000 paid $2,000 in closing costs, and added a new fire place and family room for 35,000. After figuring the adjusted basis for this home, what is the amount of taxable gain?
$48,200
Paul smith is not happy with the appraised value of his home. He appealed to the county appraisers office, and was turned down. He has also been turned down by the value adjustment board. What can he do next?
He can appeal to the district court in Certiorari hearing
Mr. Smith likes to pay his taxes quarterly instead of once a year. If the assessed value on his home is $80,000 and the rate is 3.50 mills, what is his quarterly tax?
$70
What is the difference between installment sales and like-kind exchanges?
Installment sales collect payments over a number of years; like-kind exchanges have cash as boot.
The meaning of exempt property in Florida is:
The property is taxed but the owner is exempt from paying it
What is the purpose of the 'save Our homes' amendment
It provides a restricted rate increase on value of the property
'Trim' means
Truth in mileage
Homestead Fraud
Can result in a 50% penalty for the amount taken
The city wants to pave the road in front of Sam Smith's house. Sam has 110 front feet. The cost to pave is$35 a linear foot and the city will pay 25% of the paving. What is Sam's Cost?
$1443.75
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