Definition of "Jurisdiction"

Debbie Serino  Broker/Owner real estate agent
Debbie Serino Broker/Owner, Real Estate Agent Weichert, Realtors - Town & Country

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.

 

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Comments for Jurisdiction


Rose M Rose M said:

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  15:44:29

 
Real Estate Agent

Hey 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  12:58:49
 
Rose Rose said:

what does jurisdiction of .52% mean in real estate

Oct 25, 2020  15:40:17

 
Real Estate Agent

Hey, 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  12:03:01
 
Birendra Dhakal Birendra Dhakal said:

what is real estate license's jurisdiction

Dec 26, 2019  16:10:49

 
Real Estate Agent

Hi 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  05:18:53
 
 

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