Tax Liability


Definition of "Tax liability"

Legal obligation to pay taxes associated with owning property or earning income. For example, a real estate owner must pay property taxes.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Assessment District

Any geographic taxing division where the legally chosen representatives are charged with the respons ...

Graded Policy

Insurance for which premiums are charged according to the size of the face amount of the policy, so ...

Cost-of-living Plan

Plan providing benefits that are adjusted according to variations in a specified index of prices. Fo ...

Annuity Factor

Factor used to determine the equal periodic payment associated with a real estate transaction. ...

Tort Liability

Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort ...

Statute Of Limitations

Legal time restriction for prosecuting an improper act, or civil or criminal offense. Proceedings mu ...

Related Real Estate FAQ

What Do I Need To Know About Auto Insurance?

Choosing the auto insurance requires consideration of manyfactors- Take into account everything you ...

What If They No Longer Make My Specific Computer?

The insurance company will replace it with a model as close to it as possible in the current retail ...

What Is Comprehensive Homeowners Insurance?

Comprehensive is the most expensive type of homeowners insurance; it covers the most potential damag ...

What Are Basis Points?

Basic points relates to changes in the interest rate for your home. ...

What Is A Term?

A term is the length of a loan. ...

What Is A Buildable Acre?

A Buildable acre consists of 43,560 square feet of residentially designated buildable land, after ex ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

5 signs of house foundation problems 3 tips to ensure your sale goes through What is Escrow and how does it Work? Is it better to buy or sell a home first How Does The Home Loan Underwriting Process Work?

FAQ

What happens when a property starts to depreciate? What should I do if I'm in an accident? What is the difference between a real estate broker and a real estate agent? What is zoning? What is a VA loan?