The homeowner's exemption, excluding local assessments, saves approximately how much in property taxes
$70
The proposition that allows certain homeowners to transfer their property tax base to another home in the same county is
proposition 60
For a homeowner , which of the following is tax deductible: fire insurance premiums, roof repairs, mortgage interest, 2 of above are deductible for homeowners
mortgage interest
City council members : set city property tax rates as allowed by law, establish city budgets, a and b, neither a or b
a and b
The second installment of real property taxes is delinquent if not paid by
april 10
Sellers current real estate tax is $1,175 per year including homeowners exemption. Condo is sold to buyer for $197,500. Assuming no local assessments are added to the tax bill, what will be the buyer's real property tax bill including homeowner's exemptio
$1,905
Which of the following is true? person cannot use homeowner's exemption and veteran's on the same home, real property taxes become a lien on the first Monday in March, 12% penalty is added for delinquent property taxes, Cali has special property tax exemp
person cannot use homeowner's exemption and veteran's on the same home
Property was valued at $500,000 for property tax purposes. According to Prop 13, what would be the max value for property tax purposes in 2 years, assuming the owner did not make capital improvements?
$520,200
A frequently used special assessment law is
Mellow-Roos Community Facilities Act of 1982
Under certain conditions , married couples may exempt up to how much in gains from the sale of a home
$500,000
When foreigners sell US property, Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?
10%
Property taxes become a lien on
Jan 1
Private property is deeded to the state for delinquent property taxes after
5 years
When a special assessment is made on a piece of property under the Street Improvement Act of 1911
it is based on the front footage of the property
In a 1031 real estate exchange, tax liability arises if the person exchanging receives
boot (unlike property received in an exchange: cash, notes, personal property)
The amount paid as a commission for the sale of an owner occupied home can be deducted on the sellers federal income tax as
expense of sale
Under certain conditions, single homeowner may exempt up to how much in gains from the sale of a home
$250,000
This event could trigger new property tax assessment: refinance by current owner, real estate transfer, construction loan, rental of single family residence
real estate transfer
Ad valorem, is a Latin phrase that means
according to value
County tax assessor's duty is to determine
value of property for tax purposes
A law is used to finance public services in newly developed areas that can lead to high assessments for the affected owners is called
Mello- Roos
For investors, losses on the operation of rental real estate are what type of losses?
passive
Property owners can appeal the size of their property tax bill to an assessments appeals commission,or in some areas to the
franchise tax board
Federal income taxes are referred to
progressive tax
Investor who has owned a property for 2 years and then sells for gain most likely will pay
pay capital gain taxes
To qualify for installment sale reporting, seller must
carry paper
A and B have purchased agricultural land as joint tenants. A is farming the entire plot while B is using no part of it. Regarding property taxes: A is liable for taxes, B is not liable for taxes, B is liable for 1/2 of taxes, both are liable
both owners are liable
Which can be depreciated for income tax purposes? owner occupied condo unit, rental property, vacant land, owner occupied single family
rental property
Since passage of Prop 13, county tax assessor is required to value property for real property taxes on basis of
full cash value
Federal income taxes on sale of income property can be deferred by which of the following methods: all cash sale, 1031 exchange, installment sales, both B and C
both B and C