Unit 15: Real estate taxes and other laws

Question 1

ad valorem ax

Answer 1

A ax levied according to value, generally used to refer to real estate tax. Also called the general tax.

Question 2

assesses value

Answer 2

The value set on property for taxation purposes

Question 3

assessment equalization factor

Answer 3

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.

Question 4

attachment

Answer 4

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.

Question 5

certificate of sale

Answer 5

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.

Question 6

collateral

Answer 6

Something having value that is given to secure repayment of debt.

Question 7

delinquent taxes

Answer 7

Taxes that are unpaid and past due.

Question 8

equitable right of redemption

Answer 8

The right of a defaulted property owner to recover the property before its sale by paying the appropriate fees and changes.

Question 9

equalization

Answer 9

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.

Question 10

equalization factor

Answer 10

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.

Question 11

general lien

Answer 11

The right of a creditor to have all of a debtor’s property– both real and personal– sold to satisfy a debt.

Question 12

general real estate tax

Answer 12

A tax that t is made up of the taxes levied on the real estate by government agencies and municipalities

Question 13

inheritance taxes

Answer 13

State-imposed taxes on a decedent’s real and personal property.

Question 14

interest

Answer 14

A charge made by a lender for the use of money

Question 15

Internal Revenue Service tax lien

Answer 15

A lien charged by the internal revenue service for nonpayment of income taxes.

Question 16

involuntary lien

Answer 16

A lien placed on property without the consent of the property owner

Question 17

junior lien

Answer 17

An obligation, such as a second mortgage, that is subordinate in right or lien property to an existing lien on the same property.

Question 18

levy

Answer 18

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.

Question 19

mechanic’s lien

Answer 19

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.

Question 20

mill

Answer 20

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.

Question 21

mortgage lien

Answer 21

A lien or charge on the property of a mortgagor that secures the underlying debt obligation.

Question 22

redemption

Answer 22

The right of a defaulted property owner to recover proper4ty by curing the default.

Question 23

release of lien

Answer 23

A lien on a property that is now free from a mortgage.

Question 24

special assessment

Answer 24

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.

Question 25

specific lien

Answer 25

A lien affecting or attaching only a certain, identified parcel of land or piece of property.

Question 26

subordination

Answer 26

Relegation to a lesser position, usually in respect to a right or security.

Question 27

subordination agreement

Answer 27

a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.

Question 28

subletting

Answer 28

the leasing of premises by a leassee to a third party for party of the lessee’s remaining term. See also assignment

Question 29

statutory lien

Answer 29

A lien imposed on property by statute– a tax lien, for example– in contrast to an equitable lien, which arises out of common law.

Question 30

statutory right of redemption

Answer 30

the right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.

Question 31

tax deed

Answer 31

An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale.

Question 32

tax levy

Answer 32

The formal action taken to impose a tax, usually by vote of a taxing distrct’s governing body.

Question 33

tax lien

Answer 33

A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.

Question 34

tax sale

Answer 34

A court-ordered sale of real property to raise money to cover delinquent taxes.

Question 35

vendor’s lien

Answer 35

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.

Question 36

voluntary lien

Answer 36

A lien placed on property with the knowledge and consent of the property owner.

Question 37

writ of attachment

Answer 37

A document ordered by the court to have a sheriff enter a leased property to give possession back to the owner.