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48 Cards in this Set

  • Front
  • Back
Name 3 types of tax sales:
1)annual
2)forfeiture
3)scavenge
Name 4 basic homestead exemptions:
1)Homeowners exemption ($3500)
2)Senior Citizen Homestead Exemption($2000)
3)senior Citizen Assessment Freeze Homestead(income under $25000-apply yearly)
4)Homestead Improvement(stalls assessment increase up to 4yrs-$45000 in improvements)
Name 6 classifications of liens:
1)voluntary
2)involuntary
3)staturory
4)equitable
5)general
6)specific
Mame the priority of liens:
1)taxes
2)assessments
3)mortgages and others
What is the lien attachment date for Ad Valorem?
Jan. 1
What is the lien attachment date for special assessments?
Jan. 2
Define general real estate tax:
a tax levied according to value,generally used to refer to real estate tax--also known as ad valorem tax
Define appopriation:
the way a taxing body actually authorizies the expenditute of funds and provides for the sources of the funding
Define lien waivers:
waivers of liens
Define tax sale:
a court-ordered sale of real property to raise money to cover delinquent taxes
Define tax liens:
a charge against property,created by operation of law
Define subordination agreement:
a written agreement between holders of liens on a property that changes the priority of mortgage,judgement, and other liens under certain circumstances
Define tax deed:
an instrument given to purchaser at a tax sale
Define specific lien:
a lien affecting or attaching only to a certain parcel of land or piece of property
Define redemption:
the right of a defaulted property owner to recover his/her property by curing the default
Name 3 types of tax sales:
1)annual
2)forfeiture
3)scavenge
Name 4 basic homestead exemptions:
1)Homeowners exemption ($3500)
2)Senior Citizen Homestead Exemption($2000)
3)senior Citizen Assessment Freeze Homestead(income under $25000-apply yearly)
4)Homestead Improvement(stalls assessment increase up to 4yrs-$45000 in improvements)
Name 6 classifications of liens:
1)voluntary
2)involuntary
3)staturory
4)equitable
5)general
6)specific
Mame the priority of liens:
1)taxes
2)assessments
3)mortgages and others
What is the lien attachment date for Ad Valorem?
Jan. 1
What is the lien attachment date for special assessments?
Jan. 2
Define general real estate tax:
a tax levied according to value,generally used to refer to real estate tax--also known as ad valorem tax
Define appopriation:
the way a taxing body actually authorizies the expenditute of funds and provides for the sources of the funding
Define lien waivers:
waivers of liens
Define tax sale:
a court-ordered sale of real property to raise money to cover delinquent taxes
Define tax liens:
a charge against property,created by operation of law
Define subordination agreement:
a written agreement between holders of liens on a property that changes the priority of mortgage,judgement, and other liens under certain circumstances
Define tax deed:
an instrument given to purchaser at a tax sale
Define specific lien:
a lien affecting or attaching only to a certain parcel of land or piece of property
Define redemption:
the right of a defaulted property owner to recover his/her property by curing the default
Define special assessment:
a tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer
Define mill:
one-tenth of one cent
Define mortgage lien:
a lien or charge on the property of a mortgagor that secures the underlying debt obligations
Define mechanics lien:
a statutory lien created in favor of contractors,laborers, and materialmen who have performed work or furnished material in the erection of a building
Define lis pendens:
a recorded legal document giving constructive notice tthat an action affecting a particular property has been filed in either a state or a federal court
Define lien:
a right given by law to certain creditors to have thier debts paid out of the property of a defaulted debtor, usually by means of a court sale
Define judgement:
a formal decicsion of a court on the respective right and claims of the parties to an action or a suit
Define involuntary lien:
a lien placed on property without the consent of the property owner
Define inheritance taxes:
state-imposed taxes on decedent's real and personal property
Define estate taxes:
federal taxes on decedents real and personal property
Define general lien:
the right of a creditor to have all of a debtors property-both real and personal-sold to satify a debt
Define statutory lien:
a lien imposed on property by statue
Define ad valorem tax:
a tax levied according to value,generally used to refer to real estate tax-- also calld the general tax
Define attachment:
the act of taking a person's property into legal custody by writ or other judical order to hold it available for application to that person's debt to a creditor
Define encumbrance:
Anything-such as a mortgage,tax,or judgement lien;an easement;a restriction on the use of the land;or an outstanding dower right that may diminish the value or use and enjoyment of a property
Define equalization factor:
a factor(number)by which the assessed value of a property is multiplied to arrive ata avalue for the property that is in line with statewide tax assessments
Define eqitable lien:
a lien imposed on property by statue(i.e. tax lien)
Restudy tax sales
p183 especially