I am new to writing expressions. Is there a way for me to write a custom label expression only using part of a parcel number? See part in red. I need to somehow label this part to get a way from annotation if possible.
Yes! I'd recommend spending some time in the Arcade Playground to test the various functions. Something like yours is pretty simple, though:
Just swap whatever field name in for "parcel_number", and your label will consist of the last 7 characters of the field.