Chapter 8: Real Estate Taxes Flashcards
Describe the differences between general real estate taxes and special assessments.
1
Q
Tax Lien
A
A charge against property created by operation of law. Tax liens and assessments take priority over all other liens.
2
Q
Ad Valorem Tax
A
Is Latin for “according to value”. Al Valorem taxes are based on the value of the property being taxed.
3
Q
Special Assessment
A
Are special taxes that require property owners to pay for improvements that benefit the real estate they own.
4
Q
Appropration
A
The action taken by each taxing body that authorizes the expenditures of funds and provides for the source of monies.
5
Q
Mill
A
Is one-thousandth of a dollar. ($0.001)
6
Q
Right of Redemption
A
Redemption period. The time in which a foreclosed owner can regain their property.
