What Is Property Insurance? Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than
What Is a Property Inventory? A property inventory is a written tally of all of a taxpayer’s personal property. This inventory will also denote how much was paid for each item and when, along with each item’s current market value. Property inventories are generally used by taxpayers to calculate gain or loss on the sale of property, as well
What Is a Property Lien? A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. A property lien must be filed and approved by a county records office or state agency. It is then delivered to the property holder with specific
What Is Property Management? Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties. They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities
What Is a Property Manager? A property manager is an individual or company that is hired to oversee the day-to-day operations of a unit of real estate. Property owners and real estate investors typically hire property managers when they are unwilling or unable to manage the properties themselves. The cost of employing a property manager
What Is Property Tax? Property tax is a tax paid on property owned by an individual or other legal entity, such as a corporation. Most commonly, property tax is a real estate ad-valorem tax, which can be considered a regressive tax. It is calculated by a local government where the property is located and paid by
What Is Prophet’s Reputation Management Index? Prophet’s Reputation Management Index (RPMI) was an index created by strategic brand and marketing consultancy Prophet, Inc. that measured corporate reputation. Businesses that scored 75 or more on the index qualified as reputation leaders, while those scoring under 50 received a failing grade in terms of reputation management. The
What Is Proportional Consolidation? Proportional consolidation was a former method of accounting for joint ventures under the International Financial Reporting Standards (IFRS) that was abolished by the International Accounting Standards Board (IASB) on Jan. 1, 2013. It was a method of including income, expenses, assets, and liabilities in proportion to a firm’s percentage of participation
What Is a Proportional Tax? A proportional tax is an income tax system that levies the same percentage tax to everyone regardless of income. A proportional tax is the same for low, middle, and high-income taxpayers. Proportional taxes are sometimes referred to as flat taxes. In contrast, a progressive tax or marginal tax system adjusts tax
What Is a Proprietary Reverse Mortgage? A proprietary reverse mortgage is a loan that allows senior homeowners to access the equity in their homes through a private lender. They are not as tightly regulated as home equity conversion mortgages (HECMs) and are not federally insured. Proprietary reverse mortgages make up only a small segment of the
