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A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
Many jurisdictions also tax certain types of other property used in a business. Property existing and located in the jurisdiction on a particular date is subject to this tax. This date is often January 1 of each year, but varies among jurisdictions. Property owned by educational, charitable, and religious organizations is usually exempt. [18]
The land property tax, called "territorial tax" or "contribution", is an annual amount paid quarterly by the property's owner. It is determined as a percentage of the property's "fiscal value", which is calculated by the Internal Revenue Service, based on the property's land and built area, construction materials, age, and use.
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This might include recent property appraisals, records of comparable home sales in your area, or evidence of property damage that might reduce its value. During the appeal, you may need to attend ...
The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of a property.
The Tri-Cities transit agency stands to lose up to $200 million in funding by 2037 if the sales tax reduction is passed, according to a presentation set for the board’s Thursday meeting, April 11.
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate.The sale of land is governed by the laws and practices of the jurisdiction in which the land is located.