Property tax is a form of taxation levied on real estate, and its primary purpose is to generate revenue for local governments. This revenue is used to fund various public services, such as schools, roads, and parks.

Replacement cost assessment is not a common method of property tax assessment. The three most common methods are market value assessment, cost approach assessment, and income approach assessment.

Revaluation, reappraisal, and reassessment are all terms used to describe the periodic reassessment of property values for tax purposes.

Agricultural exemption is not a common type of property tax exemption. The three most common types of property tax exemptions are homestead exemption, senior citizen exemption, and veteran's exemption.

Protest, appeal, and challenge are all terms used to describe the process of appealing a property tax assessment.

First-time homebuyer deferral program is not a common type of property tax deferral program. The three most common types of property tax deferral programs are senior citizen deferral program, veteran's deferral program, and disability deferral program.

Tax sale, tax lien sale, and foreclosure are all terms used to describe the sale of property for unpaid property taxes.

Property tax abatement is not a common type of property tax incentive. The three most common types of property tax incentives are property tax credit, property tax exemption, and property tax deferral.

Subdivision is the term used to describe the process of dividing a single property into two or more smaller properties.

Incorrect property location is not a common type of property tax assessment error. The three most common types of property tax assessment errors are incorrect property value, incorrect property classification, and incorrect property ownership.

Possession, ownership, and title are all terms used to describe the legal right to use and occupy property.

Mortgage lien is not a common type of property tax lien. The three most common types of property tax liens are general lien, special assessment lien, and mechanic's lien.

Conveyance, deed, and transfer are all terms used to describe the process of transferring ownership of property from one person to another.

Graduated rate is not a common type of property tax rate. The three most common types of property tax rates are flat rate, progressive rate, and regressive rate.

Assessment, appraisal, and valuation are all terms used to describe the process of estimating the value of property for tax purposes.