Archives: Glossary Terms

See Tax-deferred exchange.

An amount received on a sale of a property that is greater than what it was purchased for and which is subject to federal taxation.

The value upon which the taxes are computed when tax rates have been determined.

A forced contribution levied upon property by the government and taken from persons, corporations and organizations to be used to support government services and programs.

The process by which a government or municipal quasi-public body raises monies to fund its operation. The right of government to payment for the support of activities in which it engages. A double tax in real estate is the taxation of the property as an asset and the taxation of the property income the owner receives. Estate taxation is the tax imposed by government on property passed by will or descent. A personal property tax is a tax imposed upon owners of personal property. – A real property tax is a tax imposed upon the owners of real property.

An interest in real property giving the right to its possession and use

A wrongful holding of premises by a tenant after his or her lease has terminated.

A possession of premises by permission of an owner or landlord and having no fixed term.

The ownership of property under certain state laws that is acquired by a husband and wife during marriage is jointly and equally owned and upon the death of one spouse it becomes the property of the survivor which is not used in community property states.

The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship.