Tax paid on privately owned property. Property taxes are usually paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and assessed property value. …
Property Tax Deduction
The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes. …
Property Value
The value of a piece of property, based on the price a buyer will pay at a given time. …
Prorate
To allocate percentages of certain expenses to be paid by the buyer and seller at the time of closing. …
Punch List
A list compiled by a buyer prior to a sale detailing items to be fixed before closing. …
Purchase Agreement
A document that details the purchase price and conditions of the transaction. …