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14 Cards in this Set
- Front
- Back
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Ad Valorem |
Real property taxes; taxes paid "according to the value" of the property. |
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Assessment Taxes |
A charge against real estate made by a unit of government to cover the proportionate cost of improvements. |
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Assessed Valutation |
An assessment of property values by the government for the purpose of taxation. |
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Basis |
Original cost of property plus value of any improvements put on by the seller and minus any depreciation taken. |
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Boot |
Additional consideration of unlike property included in a 1031 Exchange to equalize the value of property exchanged. |
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Capital Gains Tax |
The gain on the sale of a capital asset such as real estate. |
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Depreciation |
Loss of value brought about by physical deterioration or functional or economic obsolescence. |
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Installment Sales |
Defined as any sale in which the seller receives at least one payment after the year of the sale. |
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Qualified Intermediary |
A specifically formed company that facilities a 1031 Exchange by transferring the relinquished property and acquiring a replacement property. |
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Relinquished Property |
In a 1031 Exchange, the property that is transferred. |
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Replacement Property |
Property received in a 1031 Exchange |
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Special Assessments |
An assessment generally made against only those specific parcels of realty directly benefitting therefrom. |
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Straight - Line Depreciation |
Setting aside or allowing a fixed sum of money each year off-set replacement or improvements when needed. |
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Tax Sale |
A sale of property, usually at auction, for non-payment of assessed taxes. |
