Monetary Encumbrances Flashcards
Ad Valorem Tax
A property tax paid according to the value of the property
Arrears
A bill that is owed but can be paid at a later date. Property taxes and mortgages are paid in arrears
Assessed value
The dollar value assigned to property for property tax purposes. It is either a percentage of the limited property value (LPV) or the full cash value (FCV)
Certificate of Purchase
A document issued by successful bidder at a sale held by the county treasurer for delinquent property taxes
Community Facility District
A special taxing district that allows the financing of the installation, operation and maintenance of public improvements such as roads, water and sewer facilities, flood control and drainage projects
Lien
A claim or charge against a property as security for the payment of a debt or obligation
Limited Property Value
A valuation usually less then the Full Cash Value. The assessed value will be a percentage of either the FCV or the LPV
Live Auction
Real Estate can be sold at this type of auction. The auctioneer must hold a real estate license
Market Value
What the market or an appraiser would assess the value to be
Mill
Money equal to 1/10 cent
Monetary Encumbrance
A lien; a claim or charge against a property as security for the payment of a debt or obligaiton
Online Auction
Real Estate can be sold at this type of auction on the internet The company holding the auction must be licensed
Property tax rate
The amount you are charged per assessed value
Special Assessments
Improvements that enhance the value of property, such as curbs, sidewalks, streets, sewers, and streetlights
Treasurer’s Deed
A document that conveys title to property purchased at a tax sale
