Definition of "Annexation"
Jennifer Dreggors, Real Estate Agent
Berkshire Hathaway Executives
(1) Municipality: Legal process by which a municipality expands its territory to include part of an adjacent unincorporated area. (2) Fixtures: Act of permanently attaching a fixture to a building, making it a part of a structure.
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Comments for Annexation
Trying to understand the definition of annexation
Feb 18, 2019 19:05:15Annexation in real estate is not very complicated. It usually has to do with the land. When a small piece of land is connected or incorporated into a larger piece of land. Annexation is often done by expanding municipalities in Florida, Texas, California and New York. When this happens, residents usually have to pay a higher property tax.
You may also encounter annexation as in "constructive annexation" which means that a personal property which cannot be removed or is attached to a wall - for example, a library - is treated as a fixture.
Feb 24, 2019 08:32:28