Unit 15: Real estate taxes and other laws Flashcards
ad valorem ax
A ax levied according to value, generally used to refer to real estate tax. Also called the general tax.
assesses value
The value set on property for taxation purposes
assessment equalization factor
A factor (number) by which the assessed value of a property is multiplied to arive at a value for the property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. The ad valorem tax would be based on this adjusted value. An equalization factor may be applied to raise or lower assessments in a prticular ditrict or county.
attachment
The act of taking a person’s property into legal custody by writ or other judicial order to old it avaiolable for application to that person’s debt to a creditor.
certificate of sale
The document generally given to the purchaser at a tax foreclosure sale. A certificate of sale does not convey title; normally, it is an instrument certifying that the holder rceived title to the property after the redemption period passes and that the holder paid the property taxes for that interim period.
collateral
Something having value that is given to secure repayment of debt.
delinquent taxes
Taxes that are unpaid and past due.
equitable right of redemption
The right of a defaulted property owner to recover the property before its sale by paying the appropriate fees and changes.
equalization
The raising or lowering of assessed value for tax purposes in a particular county or taxing district to make them equal to assessments in other countries or districts.
equalization factor
A factor (number) y which the assessed value of a property is multiplied to arrive at a value for the property that is in line with sate wide tax assessments the ad valorem tax would be based on this adjusted value.
general lien
The right of a creditor to have all of a debtor’s property– both real and personal– sold to satisfy a debt.
general real estate tax
A tax that t is made up of the taxes levied on the real estate by government agencies and municipalities
inheritance taxes
State-imposed taxes on a decedent’s real and personal property.
interest
A charge made by a lender for the use of money
Internal Revenue Service tax lien
A lien charged by the internal revenue service for nonpayment of income taxes.
involuntary lien
A lien placed on property without the consent of the property owner
junior lien
An obligation, such as a second mortgage, that is subordinate in right or lien property to an existing lien on the same property.
levy
to asses; to sieze or collect. To levy a tax is to assess a property and set the rate of taxation. to levy an execuation is to officially sieze the property of a person in order to satsify an obligation.
mechanic’s lien
a statutory lien created in favor of contractors, laborers, material suppliers, and others who have performed work or furnished materials in the erection or repair of a building.
mill
One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would indicate a tax of $0.052 for each dollar of assessed valuation of a property.
mortgage lien
A lien or charge on the property of a mortgagor that secures the underlying debt obligation.
redemption
The right of a defaulted property owner to recover proper4ty by curing the default.
release of lien
A lien on a property that is now free from a mortgage.
special assessment
A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from aa proposed public improvement like a street or sewer.
specific lien
A lien affecting or attaching only a certain, identified parcel of land or piece of property.
subordination
Relegation to a lesser position, usually in respect to a right or security.
subordination agreement
a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
subletting
the leasing of premises by a leassee to a third party for party of the lessee’s remaining term. See also assignment
statutory lien
A lien imposed on property by statute– a tax lien, for example– in contrast to an equitable lien, which arises out of common law.
statutory right of redemption
the right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.
tax deed
An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale.
tax levy
The formal action taken to impose a tax, usually by vote of a taxing distrct’s governing body.
tax lien
A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.
tax sale
A court-ordered sale of real property to raise money to cover delinquent taxes.
vendor’s lien
a lien that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser.
voluntary lien
A lien placed on property with the knowledge and consent of the property owner.
writ of attachment
A document ordered by the court to have a sheriff enter a leased property to give possession back to the owner.
