Situs refers to the physical location or jurisdiction where property or assets are located for legal or taxation purposes. Situs is important because it can have significant implications in matters of taxation, jurisdictional authority, and the application of laws governing the property. 

For example, different jurisdictions may have different taxation rates on property or assets, and the situs of the property can determine which taxes are applicable. Situs can also determine which court or legal system has jurisdiction over disputes involving the property or assets. Legal proceedings related to the property, like probate or foreclosure proceedings, may take place in the jurisdiction where the property is located. 

For real estate, the situs is the location where the property is physically situated. For personal property, the situs might be the jurisdiction where the property is physically located or where the owner resides, depending on the specific type or property and circumstances.

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