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A property abstract is a summary of the legal documents that chronicle transactions associated with a particular parcel of land. Generally included are references to deeds , mortgages , wills , probate records, court litigations , and tax sales —basically, any legal document that affects the property.
A type of the Lot and Block system is frequently used for tax identification purposes in the United States. This designation, often called a Tax Identification Number or Tax Parcel Number, is not directly based on the legal description of the property. The system can be used even if the property is not legally described by the Block and Lot system.
An assessor's parcel number, or APN, is a number assigned to parcels of real property by the tax assessor of a particular jurisdiction for purposes of identification and record-keeping. The assigned number is unique within the particular jurisdiction, and may conform to certain formatting standards that convey basic identifying information such ...
After the filing of a plat, legal descriptions can refer to block and lot-numbers rather than portions of sections. [3] In order for plats to become legally valid, a local governing body, such as a public works department, urban planning commission, zoning board, or another organ of the state must normally review and approve them.
A common use of a survey is to determine an existing legal property boundary. The first stage in such a survey, known as a resurvey, is to obtain copies of the deed description and all other available documents. The deed description is from a deed and not a tax statement or other incomplete document.
The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not. The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property.
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