Jurisdiction
Definition of "Jurisdiction"
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.
Popular Real Estate Terms
Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a ...
Principle stating that the joint tenants must have equal rights to possession of the whole property. ...
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Marketable title that is free of encumbrances and disputed interests. Clear title is essential in order to convey a general warranty deed in a transaction. ...
Exposed heating unit located within a room that transfers heat generated by hot water or stream through conduction. The surrounding air circulates around the radiator using convection ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
The definition of abatement is a reduction of penalties or a tax deduction for individuals or businesses. It can often be accessed upon an overpayment of taxes, if the company or individual ...
See effective tax rate. ...
Comments for Jurisdiction
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 15:44:29Hey 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 12:58:49what does jurisdiction of .52% mean in real estate
Oct 25, 2020 15:40:17Hey, 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 12:03:01what is real estate license's jurisdiction
Dec 26, 2019 16:10:49Hi 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 05:18:53Have a question or comment?
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