FRECI_18-3 - 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 3 Taxes Affecting Real Estate Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Discuss the process for establishing a property tax rate Identify the method of calculating property taxes Discuss the ramifications of not paying property taxes! Copyright, 2005 3 Vocabulary Terms Mill Special assessment Tax rate Copyright, 2005 4 Taxes on Real Property 1. City 2. County 3. School board Used to pay for municipal services and infrastructure 10 mill cap each (.010) 1 mill = 1/1000 th of a dollar Copyright, 2005 5 Establishing the Property Tax Rate (Government budget (Total assessed value Service Fees Fines Utility Revenues Intergovernmental Transfers Non-property tax revenues) Total value of exemptions) = Copyright, 2005 6 City budget: $20,000,000 Non-property tax revenues: $6,000,000 Total assessed values of real properties: $1,500,000,000
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FRECI_18-3 - Lecture Preview Florida Real Estate Commission...

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