Ch. 13 Flashcards
Ad Valorem Tax
A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.
Assessment Equalization Factor
A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessment. The ad valorem tax would be based on this adjusted value. An equalization factor may be applied to raise or lower assessments in a particular district or country.
Equitable Lien
A lien imposed on property by statute - a tax lien, for example, in contrast to an equitable lien, which arises out of common law.
Equitable Right of Redemption
The right of a defaulted property owner to recover the property before it’s sale by paying the appropriate fees and charges.
Estate Tax
Federal tax on a descendant’s real and personal property.
General Lien
The right of a creditor to have all of a debtor’s property - both real and personal - sold to satisfy a debt.
General Real Estate Tax
A tax that is made up of the taxes levied on the real estate by government agencies and municipalities.
Inheritance Tax
State-imposed taxes on a descendant’s real and personal property.
Involuntary Lien
A lien placed on property without the consent of the property owner.
Judgment
The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgement has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.
Junior Lien
An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same property.
Mechanic’s Lien
A statutory lien created in favor of contractors, laborers, material suppliers, and others who have performed work or furnished materials in the erection or repair of a building.
Mill
One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would indicate a tax of $0.052 for each dollar of assessed valuation of a property.
Mortgage Lien
A lien or charge on the property of a mortgagor that secures the underlying debt obligation.
Special Assessment
A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer.
