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17 Cards in this Set
- Front
- Back
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the value that is used for tax purposes.
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Assessed value |
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The words, "AD VALOREM" are Latin for
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"according to valuation."
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a local group made up of 3 county commissioners and 2 local school board members
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Value Adjustment Board
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Florida taxes are due on |
November 1st (delinquent if not paid by April 1st next year.) |
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Effective Gross Income |
Is the amount of gross income less the vacancy rate
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Tax Certificates are held by the bidder for |
two years before the bidder can begin foreclosure.
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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. |
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Basis |
The initial purchase price of a home. |
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Potential Gross Income
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is the amount the property can possibly earn in one year
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Exempt property means |
The property is taxed but the owner is exempt from paying it. |
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Tax Certificate (From unpaid taxes) |
is offered to the public for sale at auction with bids opening at 18% and going down
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seller of an installment contract is the
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Vendor |
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Trim means |
Truth in mileage |
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Homestead fraud can |
result in a 50% penalty for the amount taken |
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Homestead fraud is punishable by |
a term of imprisonment not exceeding 1 year or a fine not exceeding $5,000 or both. |
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What is boot? |
The amount of money or personal property given with an exchanged property |
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buyer of an installment contract is the |
Vendee |
