REVIEW Leasing, Land Use, Tax

Question 1

Example: White leases a car services station from the oil company which owns the property and SUBLETS IT TO BLUE, who operates the service station….This is both likes of leases:

Answer 1

Sandwhich Lease
AND
Blues lease is a sublease

** A sandwhich lease occurs when a leased property is subleased.

Question 2

Which of the following liens has the highest priority?

1. ad valorem taxl liens
2. Mortgage liens
3. mechanic’s liens
4. Federal income tax liens.

Answer 2

AD VALOREM TAX LIENS!

Question 3

SPECIAL ASSESSMENT TAXES ARE USUALLY

Answer 3

PAID INSTALLMENTS OVER A PERIOD OF YEARS AND ASSESSED ON A FRONT FOOT BASIS.

Question 4

IF A SPECIAL ASSESSMENT TAX IS NOT PAID…

Answer 4

THE PROPERTY MAY EVENTUALLY BE SOLD AT A TAX SALE.

Question 5

According to state law or local ordinance, the following may be given an exemption from , a deferment or, or and abatement of real property taxes:

Answer 5

1. church- owned property
2. elderly property owners
3. business or industry