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A unit of real estate or immovable property is limited by a legal boundary (sometimes also referred to as a property line, lot line or bounds). The boundary (in Latin: limes ) may appear as a discontinuation in the terrain: a ditch, a bank, a hedge, a wall, or similar, but essentially, a legal boundary is a conceptual entity, a social construct ...
A property legally described by a metes and bounds description may still be assigned a Tax Identification Number based on a separate Lot and Block system. In this case, a survey of all parcels in the county or municipality would be combined to create a separate Block and Lot system to identify the properties for taxation purposes.
Pittsburgh used the two-rate system from 1913 to 2001 [21] when a countywide property reassessment led to a drastic increase in assessed land values during 2001 after years of underassessment, and the system was abandoned in favor of the traditional single-rate property tax. The tax on land in Pittsburgh was about 5.77 times the tax on ...
Subdivision is also used for existing lot line adjustments. Notwithstanding a few exceptional circumstances, subdivision approval and endorsement by the local municipality must always be received before the subdivision can be registered at the Land Titles Office and titles issued (including bare land condominiums).
The Lexington Planning Commission on Thursday approved subdividing the Castleton Lyons horse farm into 16 individual lots that would be sold for housing. The lots could range from 40 to more than ...
Selling a rental property is more complicated than selling your personal home. If you're not using the proceeds to buy another property, it's going to cost you. The tax consequences of selling a ...
Township lines run parallel to the baseline (east-west), while range lines run north–south; each are established at 6-mile intervals. Lastly, townships are subdivided into 36 sections of approximately 1 square mile (640 acres; 2.6 km 2 ) and sections into four quarter-sections of 0.25 square miles (160 acres; 0.65 km 2 ) each.
The tax rates vary depending on your income level and tax bracket. It’s important to remember that this ordinary income tax rate applies to most passive income streams, but there are exceptions ...