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Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies.
Real Property Tax Exemptions. According to the German property tax law certain legal entities are exempt from property taxation. These include entities from the public sector like federal, state, and municipal authorities, as well as public institutions and foundations under public law, if they use the property for public purposes only.
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In law, the situs (pronounced / ˈ s aɪ t ə s /) (Latin for position or site) of property is where the property is treated as being located for legal purposes. This may be important when determining which laws apply to the property, since the situs of an object determines the lex situs, that is, the law applicable in the jurisdiction where the object is located, which may differ from the lex ...
Allowing a tax-exempt homeowner to vote on property tax increases to homeowners over the threshold, by bond or millage requests For the purposes of statutes, a homestead is the one primary residence of a person, and no other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction in which the ...
The purpose of obtaining a certificate of occupancy is to prove that, according to the law, the house or building is in liveable condition. Generally, such a certificate is necessary to be able to occupy the structure for everyday use, as well as to be able to sign a contract to sell the space and close on a mortgage for the space.
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