An Assessor's Parcel Number (APN) is a unique numerical identifier assigned to each piece of real estate by a tax assessor for purposes of identification and record-keeping.
Home sale tax, governed under Section 121 of the Internal Revenue Code, involves tax exclusions for gains when selling a primary residence under specific conditions.
A government levy based on the market value of privately owned property, commonly referred to as ad valorem tax or real estate tax.
Real estate tax is a levy on property that the owner is required to pay. This tax is usually a major source of revenue for local governments and is often assessed as an ad valorem tax, based on the property's value.
Revaluation or re-evaluation, also known as reassessment, is an updated appraisal process conducted to determine the current value of property for taxation and other purposes.
Tax preference items are specific types of income or deductions that are added to gross income to calculate the Alternative Minimum Tax (AMT). These items can include types of depreciation on real estate, among other things.
