It's on a residential water supply line immediately downstream of water meter and main shutoff valve. I would guess pressure reducing valve, but it seems to small to be one, at least compared to the photos of pressure reducing valves I see online.
What kind of plumbing fixture or valve is this
valve
Related Solutions
I'm going to assume it's a typical gate valve, and also since you said main water valve I'll assume it's the main shutoff just before the meter.
With these assumptions in mind, I'm going to say you will have to call your local municipality. The water company does not allow (or like) home owners to tamper with anything near (and defiantly not before) the water meter.
In fact, in lots of areas the municipality actually owns the pipe (and any fixtures) before the water meter. So this is not likely a DIY job.
When you call to have them come fix the valve, ask them to replace the broken gate valve with a ball valve.
If I have assumed incorrectly and the valve is on your side of the water meter, you can try to repair it yourself (see this question for how to do it) or you could just replace the broken valve.
If you are going to fix the valve yourself (it's on your side of the meter) and there is no other shut off before this valve, you will have to make a call to the municipality to have the water shut off to the building.
If you do the work yourself, you may have to get a permit and/or have your work inspected by a licensed plumber.
You need to find the main shut off valve in the road, side walk or somewhere on or near your property. They are usually placed in mini manholes with easy access:
But if you're unlucky you will need to get some building plans and try to find where on the plans the supply pipe runs and find the valve at the connection point to the main supply. In most cases it will be near the connection point of the main supply:
but if its not, or if you struggle to close it call your council to help you. You don't want to break that!
NB
It is easy to snap these valves- if its rusted badly apply (known as WD-40, LN-40, HT-40) spray oil based rust release (spray leave an hour try again.. repeat a few times), TAP the valve with a hammer (!TAP!, do not whack it, to help release the valve. Also, usually opening the valve slightly helps to release it then try to close it.
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Best Answer
That's what we call a Ball Valve with Bleeder.
It's for when you shut off the water you can drain what is on the bleeder side of the valve.
Only problem with this one is it's missing the handle.