Chpt. 13, Real Estate Taxes And Other Liens Flashcards
A lien that is created intentionally by the property owner’s action
Voluntary lien
A lien created by law
Statutory lien
A lien created by a court judgement
Equitable lien
A lien that affects all the real and personal property owned by a debtor
General lien
A charge or claim against a person’s property, to enforce the payment of money
Lien
A lien that is secured by and only affects certain property of the debtor
Specific lien
The order in which liens against the property will be satisfied
Priority
A written agreement between lien holders to change the priority of a lien
Subordination
Charges imposed by state and local governments to fund their functions and services
Taxes
A type of tax based on the assessment of a properties value
Ad Valorem
The official process of valuing real estate for tax purposes
Assessment
A devise to achieve uniformity in state wide assessments
Equalization factor
1/1000 of a dollar or $0.001
Mill
The right of a delinquent taxpayer to recover property before a tax sale
Equitable right of redemption
The right of a delinquent taxpayer to recover property after a tax sale
Statutory right of redemption
