Definition of "Jurisdiction"

Debbie Serino  Broker/Owner real estate agent

Written by

Debbie Serino Broker/Ownerelite badge icon

Weichert, Realtors - Town & Country

Geographical area for which a given governmental agency has authority and responsibility. For example, the jurisdiction of a county court is the county in which it is located.

Comments for Jurisdiction

Rose M Rose M said:

if you purchase a property for 175,000.00 and your jurisdiction rate is .52%. What is the monthly tax you would owe and how would you figure that out?

Oct 25, 2020  15:44:29

 
Real Estate Agent

Hey Rose! The property tax is usually paid twice a year, but some mortgages allow you to fold it into the monthly mortgage payments. If that is the case, you can find out how much you owe in property taxes by reaching out to your bank. Hope this information was useful and good luck!

Nov 05, 2020  12:58:49
 
Rose Rose said:

what does jurisdiction of .52% mean in real estate

Oct 25, 2020  15:40:17

 
Real Estate Agent

Hey, Rose! I think you are referring to property tax or millage rate, which is imposed annually or at the time of a real estate transaction. The tax is levied by the governing authority of the jurisdiction in which the property is located. In the US, it can be anywhere between 0% and 4% of the home value, depending on the state. The tax is administrated at the local government level and in your case we think it refers to a property tax of 0.52% applied to the local jurisdiction.

Nov 03, 2020  12:03:01
 
Birendra Dhakal Birendra Dhakal said:

what is real estate license's jurisdiction

Dec 26, 2019  16:10:49

 
Real Estate Agent

Hi Birenda! 

Most real estate licenses in the United States are only valid in the state in which they are issued, as regulations vary from state to state.  We hope this answers your question! 

Jan 03, 2020  05:18:53
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The real estate market uses the absorption rate to assess at which rate are available homes sold. This evaluation method is used for specific markets for specific periods of time. To ...

A floor where the binding joists support the common joists above and the ceiling below. ...

Interest rate on an adjustable rate mortgage based on the total of the current value of an index and margin applicable to the mortgage. The rate is the basis for the computation of monthly ...

In real estate, Attractive Nuisance is how insurance companies classify something that is inherently dangerous and particularly enticing to children. A hazard located within a property that ...

Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...

The definition of a homeowner’s fee is a fee that is charged to homeowners that belong to a homeowner's association. The homeowner’s fee usually includes the cost of ...

An early term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land. ...

(1) Flooring in a structure. (2) Open structure with flooring erected outside a main building. A deck can have different levels with direct access to the main structure. It is usually ...

Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...

Popular Real Estate Questions