Ad valorem taxTax based on value of transaction An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g., inheritance tax, expatriation tax, or tariff).
Real estate transfer taxReal estate transfer tax is a tax that may be imposed by states, counties, or municipalities on the privilege of transferring real property within the jurisdiction. RatesIn the USA, total transfer taxes can range between very small (for example, .01% in Colorado) to relatively large (4% in the city of Pittsburgh). Some U.S. states have a variety of transfer tax laws which may include specific exemptions for certain types of buyers based on buying status or income level.
PropertyEntity owned by a person or a group of people Buildings of shops, hotels, and residences are prevalent forms of property. Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves.
Real estate transactionA real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations.
Real estateReal estate is a property consisting of land and the buildings on it, along with its natural resources such as growing crops, minerals or water, and wild animals; immovable property of this nature is real property or housing in general. In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.
Imputed rentImputed rent is the estimated rental price that an individual would pay for an asset they own. This concept applies broadly to capital goods but is most frequently used in housing markets to measure the rent homeowners would pay for a housing unit equivalent to their own.
Federated stateTerritorial and constitutional community forming part of a federal unionFederated states of various types exist within many of the modern federal states (represented in green).A federated state (also known as state, province, region, canton, land, governorate, oblast, emirate, or country) is a territorial and constitutional community forming part of a federation.
Per milleThe phrase per mille (from Latin'in each thousand') indicates parts per thousand. The associated symbol is ‰, similar to a per cent sign% but with an extra zero in the divisor. Major dictionaries do not agree on the spelling, giving other options of per mil, per mill, permil, permill, and permille. The word promille is the cognate in Danish, Dutch, German, Finnish, Norwegian and Swedish, and is sometimes seen as a loanword in English with the same meaning as per mille.CountyA county is a type of officially recognized geographical division within a state, both federal and sovereign, or province. Counties are defined in diverse ways, but they are typically current or former official administrative divisions within systems of local government, and in this sense counties are similar to shires, and typically larger than municipalities.
PercentageIn mathematics, a percentage, percent, or per cent (from Latin'by a hundred') is a number or ratio expressed as a fraction of 100. It is often denoted using the percent sign (%), although the abbreviations pct., pct, and sometimes pc are also used. A percentage is a dimensionless number (pure number), primarily used for expressing proportions, but percent is nonetheless a unit of measurement in its orthography and usage.
Local governmentLocal government is a generic term for the lowest tiers of governance or public administration within a particular sovereign state. A municipal council or local council is the legislative body of a municipality or local government area. Depending on the location and classification of the municipality it may be known as a city council, town council, town board, community council, borough council, rural council, village council, board of aldermen, or board of selectmen.
RegionIn geography, regions, otherwise referred to as areas, zones, lands or territories, are portions of the Earth's surface that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography) or the interaction of humanity and the environment (environmental geography).*As an Amazon Associate I earn from qualifying purchases.