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17 Cards in this Set

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the value that is used for tax purposes.

Assessed value

The words, "AD VALOREM" are Latin for
"according to valuation."
a local group made up of 3 county commissioners and 2 local school board members
Value Adjustment Board

Florida taxes are due on

November 1st (delinquent if not paid by April 1st next year.)

Effective Gross Income

Is the amount of gross income less the vacancy rate

Tax Certificates are held by the bidder for

two years before the bidder can begin foreclosure.

Capital gains taxes apply if

1. It is a residence and you owned the home for at least two years




2. You have lived in the home as the main home for at least two of the past five years




3. You have not sold more than one home in the past 24 months.

Basis

The initial purchase price of a home.

Potential Gross Income
is the amount the property can possibly earn in one year

Exempt property means

The property is taxed but the owner is exempt from paying it.

Tax Certificate (From unpaid taxes)

is offered to the public for sale at auction with bids opening at 18% and going down
seller of an installment contract is the

Vendor

Trim means

Truth in mileage

Homestead fraud can

result in a 50% penalty for the amount taken

Homestead fraud is punishable by

a term of imprisonment not exceeding 1 year or a fine not exceeding $5,000 or both.

What is boot?

The amount of money or personal property given with an exchanged property

buyer of an installment contract is the

Vendee