Chapter 15 Taxes and insurance Flashcards
Lien
Financial encumbrance on property
First test on lien
Voluntary or involuntary
Second test of lien
General or
Specific
Personal or real property
General-personal and real
Specific- just the property
Third test lien
Statutory or equitable
Law book vs judgement
Only two lien are voluntary
Bail bond and mortgage
Real estate tax
Ad valorem taxes
General & special assessment(improvement tax)
Exemption
Assessed value- appraised by country
Equalization- corrects inequities to raise or lower a certain asses value (specific bills)
Most powerful lien
Orde priority: Sheriff- re taxes City special assessments Municipal utilities Mechanic lien
Subordination
Written agreement between lien holders to change priority. Cut line
Re tax bill
Due by December
Discount if u pay between July-November
House before sold
Equitable right of redemption
After sold
Statutory right of redemption
Special assessments
Taxes to improve public improvement on property
Always specific and statutory
Can be voluntary or involuntary
Homeowner tax relief
Negative side or home value going up- Millage rate goes up
Laws allowing homeowner to pay less taxes
Mortgage
Voluntary specific and equitable
Needs to be recorded
Mechanic lien
Involuntary specific and statutory
Judgement lien
Involuntary general and equitable
Lis pendons
Legal trouble in the future
Pending litigation
Attachment
Judgement - sherif takes control on property so you can’t sell it
Involuntary specific and statutory
Creditor must deposit money in a surety bond if you are found innocent
Writ of execution
Permits the sheriff to seize your property
Corporation franchise lien
Franchise can conduct business in a certain state
Involuntary
General
Statutory
A mill
1/1000 of a dollar
Notice of non responsibility
If renter does home improvement, you are not responsible for paying them back
