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Fee simple value (known in the UK as freehold) – The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power) Leased fee value – This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the ...
Frontage may also refer to the full length of this boundary. This length is considered especially important for certain types of commercial and retail real estate, in applying zoning bylaws and property tax. In the case of contiguous buildings individual frontages are usually measured to the middle of any party wall.
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
9. Kansas. When it comes to expensive states for homeowners, the state of Kansas doesn’t often come to mind. But it has an average property tax rate of 1.26%.
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Explore Next: 5 Cities Where Homes Will Be a Total Steal in 2 Years. ... The average single family home value was sourced from Zillow Home Value Index for October 2024. Using the average single ...
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