<Tr> <Td> </Td> <Td> This article does not cite any sources . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (July 2008) (Learn how and when to remove this template message) </Td> </Tr> <P> In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner (s). A lot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries . Possible owner (s) of a lot can be one or more person (s) or another legal entity, such as a company / corporation, organization, government, or trust . A common form of ownership of a lot is called fee simple in some countries . </P> <P> A lot may also be defined as a small area of land that is empty except for pavement or similar improvement . An example would be a parking lot . This article covers lots as parcels of land meant to be owned as units by an owner (s). </P> <P> Like most other types of real estate, lots owned by private parties are subject to a periodic real estate tax payable by the owners to local governments such as a county or municipality . These real estate taxes are based on the assessed value of the real property; additional taxes usually apply to transfer of ownership and property sales . Other fees by government are possible for improvements such as curbs and sidewalks or an impact fee for building a house on a vacant lot . </P>

What is the difference between a lot and a parcel
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