What are the tax implications for a Canadian buying property in the US?
What are the tax implications in case of death between property held as 'joint tenants and property held as Husband and wife as community property with rights of survivor-ship'?
Does a Canadian citizen have to pay sales tax to the state of California when buying a used car from a private seller?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
Property taxes are assessed based on the value of the property in question. This is also referred as ad valorem tax. The owner of the property does not sell or transfer the property in question and the tax is usually assessed every year. Profit tax is a tax assessed based on the transfer of property or a commodity.