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| TAX LIEN
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Legal claim placed on a property for nonpayment of taxes. |
| TAX MAP
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Map which documents the area, perimeter location, dimensions and other data relating to land for purposes of assessing annual real estate taxes. |
| TAX PARTICIPATION
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Standard portion of a lease which indicates that in the event of an increase in annual assessed real estate taxes during the lease term the lessee will be responsible for higher monthly payments to cover the increase. |
| TAX PLANNING
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Evaluation of different tax options of investing in real estate with the purpose of reducing the tax liability in current and future years. |
| TAX PREFERENCE ITEM
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Item falling under Section 57 of the Internal Revenue Code that may result in the imposition of the alternative minimum tax (AMT). These items of otherwise exempt income or deductions or of special tax benefit were targeted to ensure that taxpayers who benefit should pay the minimum amount of tax. |
| TAX RATE
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The ratio of a tax assessment to the amount being taxed. Amount of tax to be paid based on taxable income. The tax rate usually changes as the unit of the tax base changes. |
| TAX REFUND
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Amount the taxpayer gets back when he/she files the tax return at the end of the reporting year because taxes were overpaid for that year. The tax overpayment equals the tax payments remitted less the tax actually due. |
| TAX RETURN
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Generic name of the form used to file taxes payable to a federal, state or local government. The tax return includes items such as gross income, deductions, tax credits and tax due. Individual taxpayers file on a calendar year basis using Form 1040, which is due 3 1Ú2 months after the tax year. Corporations prepare Form 1120 on a calendar year or fiscal year basis. It is due 2 1Ú2 months after the tax year. The partnership tax return is Form 1065. |
| TAX ROLL
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The list of all properties subject to a tax in a county or other property taxing jurisdiction. It identifies al properties and indicates their assessed values. |
| TAX SALE
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Public sale of property, by the government, for nonpayment of taxes. |
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