A family buys a new home for $150,000. However, they also have to set aside an extra $1,500 to pay to the local government for owning the house. This is the result of the:A.estate tax.B.sales tax.C.income tax.D.property tax.

An amount equivalent to the current fair market value of the decedent's family home: Provided, however, That if the said current fair market value exceeds One million pesos (P1,000,000), the excess shall be subject to estate tax.a.Transfer for Public Useb.The Family Homec.Standard Deductionsd.Medical Expenses

The property tax on a house is an amount determined by the local government based on a percentage of which of the following?Land value and bank feesBank interest and insurance feeBuilding and land valueBuilding value and interest rate charged

Time left 1:48:25Question 4Not yet answeredMarked out of 10Flag questionTipsQuestion textWhich of the following statements about ‘Property Taxes’ (in NSW) and ‘Property Strategies’ according to the material covered in the lecture are TRUE:An individual buys an investment property for $1 million that consists of a house built on 550 square meters of land. Land tax is normally payable on the difference between the market value of the property ($1 million in this case) less the relevant land tax free threshold.Lenders Mortgage Insurance is a fee payable if you borrow more than 80% of the value of a property. The insurance will pay your loan payments on your behalf if you temporarily lose your job or have an accident or illness that prevents you from working.Question 4AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

If the minimum that the Smith family would be willing to sell their house for is $185,000, but they in fact sell it for $210,000, they will receive:

Compute for the taxable net estate: Townhouse – P 1,700,000Toyota Car   - P 500,000Other properties – P 1,500,000Grose Estate – P 3,700,000  Less allowed deductionsExpenses, losses etc. – P 400,000Medical expenses - P 200,000Vanishing deductions – P 197,000Family home allowance – P 400,000Standard deductions – P 170,000a.P 2,233,00b.P 2,433,000c.P 2,333,000d.P2,332,000