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Chapter 19 Practice Questions

Chapter 19: Taxes Affecting Real Estate. Practice Florida real estate questions and review the explanation for each answer.

46 practice questions

  1. Chapter 19 On which date do property taxes become payable for the current year?
  2. Chapter 19 When do unpaid property taxes become delinquent?
  3. Chapter 19 Property taxes become a lien on the property on which date?
  4. Chapter 19 What is the correct order of steps for a property owner to protest an assessed value?
  5. Chapter 19 Which of the following correctly describes the composition of the Value Adjustment Board (VAB)?
  6. Chapter 19 "Immune properties" include which of the following?
  7. Chapter 19 Properties belonging to churches and nonprofit organizations are classified as:
  8. Chapter 19 How is "Taxable Value" calculated?
  9. Chapter 19 Florida’s Green Belt Law provides:
  10. Chapter 19 What is the base Homestead Exemption amount for city, county, and school board taxes?
  11. Chapter 19 A property has an assessed value of $200,000. For City and County taxes (excluding School Board), what is the total homestead exemption?
  12. Chapter 19 What is the additional exemption amount available to widows and widowers?
  13. Chapter 19 A veteran at least 10% disabled by military service-connected misfortune is entitled to an additional exemption of:
  14. Chapter 19 The Save Our Homes (SOH) amendment caps the annual increase in assessed value of homesteaded property to:
  15. Chapter 19 To transfer the Save Our Homes (SOH) benefit (Portability), a homeowner must establish a new homestead within:
  16. Chapter 19 One "Mill" is equivalent to:
  17. Chapter 19 If a property has a taxable value of $150,000 and the tax rate is 20 mills, what is the tax amount?
  18. Chapter 19 Cities, counties, and school boards are each capped at a basic real property tax rate of:
  19. Chapter 19 Taxes levied on properties to pay for specific public improvements that benefit the property (like sidewalks) are called:
  20. Chapter 19 Which lien takes priority over all other liens on a property?
  21. Chapter 19 Property owners who itemize deductions may deduct which of the following for their principal residence?
  22. Chapter 19 How are "points" treated on a loan to finance a principal residence?
  23. Chapter 19 How are "points" treated on a loan to finance a second home?
  24. Chapter 19 Which of the following is deductible for Investment Property?
  25. Chapter 19 Depreciation is a means of deducting the cost of improvements based on:
  26. Chapter 19 Is the value of the land depreciable?
  27. Chapter 19 What is the IRS established useful life for depreciating residential rental property?
  28. Chapter 19 What is the IRS established useful life for depreciating nonresidential (commercial) income-producing property?
  29. Chapter 19 An investor buys a commercial building for $600,000. The land is valued at $132,000. What is the annual depreciation deduction?
  30. Chapter 19 An investor buys a residential rental property for $300,000. The land is valued at $52,500. What is the annual depreciation deduction?