Key Terms Unit 15 Flashcards
A tax levied according to value, generally used to refer real estate general tax.
ad valorem tax
This is applied to raise or lower assessments in a particular district or county. The assessed value is multiplied by the equalization factor, and then the tax rate is applied.
assessment equalization factor
a ____ arises out of common law. A court-ordered judgement that requires a debtor to pay the balance on a delinquent charge account, and which can be filed in the county where the debtor owns property.
equitable lien
The delinquent taxpayer may redeem the property any time BEFORE the tax sale.
equitable right of redemption
General, statutory, involuntary liens that encumber a deceased persons real and personal property and are normally paid or cleared in a probate proceeding.
estate tax
___ affect ALL the property both real and personal, of a debtor.
general lien
A tax that is made up of the taxes levied on the real estate by government agencies.
general real estate tax
General, statutory, involuntary liens that encumber a deceased persons real and personal property and are normally paid or cleared in a probate proceeding.
inheritance tax or estate tax
___ is not a matter of choice; it is created by law and may be either statutory or equitable.
involuntary lien
A decree issued by a court. Generally involuntary, equitable lien on both real and personal property owned by the debtor.
judgement
A lien that comes after an earlier lien on the same property.
junior lien
A charge or a claims against a person’s property made to enforce the payment of money. It is an encumbrance (any charge or claim that attaches to real property) on the owners title. A ___ attaches to real property at the moment it is filed and recorded. In contrast, a ___ does not attach to personal property until it is seized.
lien
A specific, involuntary lien that gives security to persons or companies that perform labor or furnish material to improve real property.
mechanic’s lien
One-tenth of one cent. Some states use a ___ rate to compute real estate taxes.
mill
A specific voluntary lien on real estate given to a lender by a borrower as security for real estate loan.
mortgage lien
A tax charged on real estate to fund public improvements to the property, and it creates a lien for the amount of the assessment on the property.
special assessment
___ are secured by specific property and affect only that particular property. They include vendor liens, mechanics liens, mortgage liens, real estate tax liens, and liens for special assessment and utilities.
specific lien
A ___ is created by statue.
statutory lien
The defaulted owner may redeem the property by paying the amount collected AT THE tax sale plus interest and charges.
statutory right of redemption
____ are written agreements between lien-holders to change priority of liens, The holder of the superior lien agrees to permit a later lien-holders interest to take precedence.
subordination agreement
A ____ is an involuntary, statutory lien.
tax lien
Real estate taxes that have been delinquent for the statutory period of time can be collected through a ____.
tax sale
A lien belonging to the seller for the unpaid purchase price of the property. Usually found in owner financing to sell property.
vendor’s lien
_____ is created intentionally by the property owner’s action, such as when someone take out a mortgage.
voluntary lien
A court order against the property of another person that directs the sheriff to seize the property. By this writ the court retains custody of the property until the suit concludes,
writ of attachment
