WEICHERT NJ REAL ESTATE |
CHAPTER 8 QUIZ WITH COMPLETE
SOLUTIONS
Both the ad valorem tax and a special assessment tax - ANSWER-Levied against
specific parcels of property
Taxes levied on a property owner to pay to install sidewalks or sewers are called -
ANSWER-Special assessments
After real estate has been sold by the state or country to satisfy a delinquent tax lean,
the defaulted owner usually has the right to - ANSWER-Redeem the property within the
time specified by law
The current market value of an empty lot is $35,000. For tax purposes, it is assessed at
40 percent of market value. The tax rate of $4 per $100 of assessed value. What is the
amount of the tax due? - ANSWER-$560
A single homeowner has a $300,000 profit from the sale of her home where she has
lived for the past 18 years. The taxable portion of the gain would be - ANSWER-
$50,000
Married taxpayers who file jointly and have lived lived in their principal residence for at
least two years of the proceeding five years are eligible for an exclusion from federal
capital gain taxes on a gain of up to - ANSWER-$500,000
In New Jersey, a qualified war veteran is entitled to a reduction of real estate taxes in
the amount of - ANSWER-$250
Tax assessors in the state of New Jersey attempt to assess property - ANSWER-Full
Value
Real estate properties that are totally exempt from real property taxes include those
used - ANSWER-For religious, charitable, and for profit purposes
Taxing authorities can determine a tax rate by - ANSWER-Dividing budgetary needs by
the assessment roll
CHAPTER 8 QUIZ WITH COMPLETE
SOLUTIONS
Both the ad valorem tax and a special assessment tax - ANSWER-Levied against
specific parcels of property
Taxes levied on a property owner to pay to install sidewalks or sewers are called -
ANSWER-Special assessments
After real estate has been sold by the state or country to satisfy a delinquent tax lean,
the defaulted owner usually has the right to - ANSWER-Redeem the property within the
time specified by law
The current market value of an empty lot is $35,000. For tax purposes, it is assessed at
40 percent of market value. The tax rate of $4 per $100 of assessed value. What is the
amount of the tax due? - ANSWER-$560
A single homeowner has a $300,000 profit from the sale of her home where she has
lived for the past 18 years. The taxable portion of the gain would be - ANSWER-
$50,000
Married taxpayers who file jointly and have lived lived in their principal residence for at
least two years of the proceeding five years are eligible for an exclusion from federal
capital gain taxes on a gain of up to - ANSWER-$500,000
In New Jersey, a qualified war veteran is entitled to a reduction of real estate taxes in
the amount of - ANSWER-$250
Tax assessors in the state of New Jersey attempt to assess property - ANSWER-Full
Value
Real estate properties that are totally exempt from real property taxes include those
used - ANSWER-For religious, charitable, and for profit purposes
Taxing authorities can determine a tax rate by - ANSWER-Dividing budgetary needs by
the assessment roll
