What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified
Land Exchange
professional.
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Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.
Ad Valorem Tax
Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax
Property Tax
Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.