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27 Cards in this Set
- Front
- Back
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Ad Valorem Tax
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A tax levied according to value. General referred to real estate tax. AKA general tax
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Assessment
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The imposition of a tax, charge, or levy, usually according to established rates.
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Attachment
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The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.
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Encumbrance
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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.
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Equalization factor
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A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. Ad valroem is based on this adjusted value
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Equitable lien
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A lien imposed on property by statute-a tax lien, for example-in contrast to an equitable lien, which arises out of common law.
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Estate taxes
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Federal taxes on a decendent's real and personal property
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General liens
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The right of a creditor to have all of a debtors property both real and personal sold to satisfy a debt
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General real estate tax
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A tax that is made up of the taxes levied on the real estate by government agencies and municipalities
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Inheritance taxes
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State imposed taxes on a decendent's real and personal property
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Involuntary lien
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A lien placed on property without the consent of a property owner
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Judgment
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A formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendent.
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Lien
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A legal right of certain creditors to have debts paid out of a defaulting debtor's property by means of a court sale.
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Lis Pendens
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A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or federal court.
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Local Improvement District (LID)
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An assessment (i.e. tax) on a local improvement district for a public improvement project the district has approved.
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Mechanic's Lien
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A statutory lien created in favor of contractors, laborers and materialmen who have performed work or furnished materials in the erection or repair of a building.
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Mill
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One tenth of one cent. Some states use a mill rate to compute real estate taxes for example, a rate of 52 mills would be 0.052 tax for each dollar of assessed valuation of a property
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Mortgage Lien
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A lien or charge on the property of a mortgagor that secures the underlying debt obligations
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Redemption
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The right of a defaulted property owner to recover his/her property by curing the default (Redeem the property by paying debts.
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Special Assessments
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A tax or levy customarily imposed against only those parcels of real estate that will benefit from a proposed public improvement like a street or sewer
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Specific Liens
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A lien affecting or ttaching only to a certain specific parcel of land or piece of property
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Statutory Lien
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A lien imposed on property by statute-A tax lien, for example-in contrast to an equitable lien which arrises out of common law
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Subordination Agreements
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A written agreement between holders of liens on a property that changes the priority of mortgage, judgment and other liens under certain circumstances.
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Tax Liens
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A charge against property. Created by operation of law. Tax liens and assessments take priority over all other liens.
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Tax Sale
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A court-ordered sale of real property to raise money to cover deliquent taxes
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Vendor's Lien
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A lien that belongs to a vendor for the unpaid purchase price of land. The vendor has not taken any other lien or security beyond the personal obligation of the purchaser
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Voluntary Lien
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A lien placed on property with the knowledge and consent of the property owner.
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