FRECI_18-1 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 18 – Lecture 1 Taxes Affecting Real Estate Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Identify the need for, and method of property taxation Discuss the three tax assessment protest procedures Copyright, 2005 3 Vocabulary Terms Ad valorem Assessed value Just value Need for Taxation Hospitals Fire departments Police departments Health services Sanitation And many more!! Governments have a LOT of bills!! Revenue must be generated to pay for public services as well as public amenities… Golf courses Marinas Parks & recreation Entertainment venues And many more!! Copyright, 2005 5 Real Property Taxation County governments and City governments (if located in city limits) Greatest source of revenue for a municipality! Annual property tax revenues are allocated between: Properties outside city limits have slightly lower taxes than “city folks”!
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FRECI_18-1 - Lecture Preview Florida Real Estate Commission...

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