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34 Cards in this Set
- Front
- Back
ad valorem tax
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A tax levied according to value, generally used to refer to real estate tax. Also called the 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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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. The ad valorem tax would be based on this adjusted value.
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equitable lien
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created by a court based on the common law
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equitable right of redemption
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the delinquent taxpayer can redeem the property any time before the tax sale by paying the delinquent taxes plus interest and charges
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estate tax
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Federal tax on a decedent'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 debtor's 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 decedent's real and personal property.
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involuntary lien
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A lien placed on property without the consent of the property owner.
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judgment
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The 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 defendant.
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lien
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A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually 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 a federal court.
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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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1/1,000 of a dollar, or $0.001
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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 or her property by curing the default.
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special assessments
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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.
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specific liens
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A lien affecting or attaching 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 arises 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 delinquent 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, where 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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Security
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something of value that the borrower promises to give the lender if the borrower fails to repay the debt
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encumbrance
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any charge or claim that attaches to real property and lessens its value or impairs its use
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Priority of liens
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the order in which claims against the property will be satisfied. In general, the rule for priority of liens is first to record, first in right (priority).
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assessed value
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generally based on the sales prices of comparable properties, although practices may vary
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adoption of a budget
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Each budget covers the financial requirements of the taxing body for the coming fiscal year.
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Appropriation
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the way a taxing body authorizes the expenditure of funds and provides for the sources of the funding
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tax levy
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the formal action taken to impose the tax, usually by a vote of the taxing district's governing body
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writ of execution
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directs the sheriff to seize and sell as much of the debtor's property as is necessary to pay both the debt and the expenses of the sale
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