Final answer:
Property identification can be done through assessors' records, lot & block, and metes & bounds, which use local landmarks in descriptions. Accurate property delineation is vital for taxation and sale. Property taxes are based on assessed value and have implications on local government finance.
Step-by-step explanation:
Three common ways to identify a property are through assessors' records, lot & block, and metes & bounds. The metes & bounds system, introduced by English settlers during the colonial period, involves detailed descriptions of land that include local landmarks such as trees, boulders, or streams. To ensure the accuracy of property delineation for activities such as taxation or sale, it is essential to have a clear and legal property title based on reliable survey methods. Property taxes are calculated on the assessed value of land and improvements, such as buildings. These taxes contribute significantly to local government revenue. However, they can create certain challenges, such as tax burden disparities and variations tied to the economic health of an area. In the case of selling farmland for development, the exact dimensions and acreage of the property must be accurately determined to ensure a proper title transfer.