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34 Cards in this Set

  • Front
  • Back
ad valorem tax
A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.
assessment
The imposition of a tax, charge, or levy, usually according to established rates.
attachment
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.
equalization factor
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.
equitable lien
created by a court based on the common law
equitable right of redemption
the delinquent taxpayer can redeem the property any time before the tax sale by paying the delinquent taxes plus interest and charges
estate tax
Federal tax on a decedent's real and personal property.
general liens
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 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.
involuntary lien
A lien placed on property without the consent of the property owner.
judgment
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.
lien
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.
lis pendens
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.
mechanic's lien
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.
mill
1/1,000 of a dollar, or $0.001
mortgage lien
A lien or charge on the property of a mortgagor that secures the underlying debt obligations.
redemption
The right of a defaulted property owner to recover his or her property by curing the default.
special assessments
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.
specific liens
A lien affecting or attaching only to a certain, specific parcel of land or piece of property.
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.
subordination agreements
A written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
tax liens
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
Security
something of value that the borrower promises to give the lender if the borrower fails to repay the debt
encumbrance
any charge or claim that attaches to real property and lessens its value or impairs its use
Priority of liens
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).
assessed value
generally based on the sales prices of comparable properties, although practices may vary
adoption of a budget
Each budget covers the financial requirements of the taxing body for the coming fiscal year.
Appropriation
the way a taxing body authorizes the expenditure of funds and provides for the sources of the funding
tax levy
the formal action taken to impose the tax, usually by a vote of the taxing district's governing body
writ of execution
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