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KES taxes and Liens

KES Taxes and Liens

TermDefinition
Ad Valorem Tax "According to value" property tax based on value
Assessment equalization factor A factor or number that is multiplied with property value to arive at value to be taxed. Intended to correct inequities.
Equitable lien Arises out of common law. Example: a court ordered judgement to pay a debt.
Equitable right of redemption Redeeming property prior to tax sale by paying delinquent tax plus interest and charges.
Estate tax Are general, statutory, involuntary liens that encumber a deceased person's real and personal property.
General lien Affect all the property both real and personal.
General real estate tax An ad Valorem tax (according to value) are specific, involuntary, statutory liens.
Inheritance tax Same as estate taxes: Are general, statutory, involuntary liens that encumber a deceased person's real and personal property.
Involuntary lien Not created by choice and is created by law 2 types statutory and equitable
Judgement Decree issued by court. Is a general, involuntary, equitable lien on both real and personal property. Must be filed in every county in which the judgement debtor owns property.
Junior lien A lien that comes after an earlier lien. Can forclose, but subject to liens of higher priority
Mechanic's lien Specific, involuntary, Statutory lien creates security interest in real property. created in favor of contractors, labors, suppliers
Mill 1/1000 of a dollar.
Mortgage lien When security on a loan is in the form of real estate. Is a voluntary lien.
Special assessment A tax typically imposed againsts parcels that will benefit. Are specific, statutory liens, but may or may not be voluntary.
Specific lien Liens secured by specific property (mechanics liens, mortgage liens, venders liens, re tax liens, special assessments
Statutory lien Created by statute ex: a tax lien
Statutory right of redemption The right to rede am the property after a tax sale by paying in full the amount owed during the period allowed by local law.
Subordination agreement Written agreements between lien holders to change priority
Tax lien Charge against property by action of law
Tax sale Sale of property to satisfy tax debt
Vendors lien Lien belonging to vendor (seller) for unpaid purchased price of property. (Owner financing)
Voluntary lien Created intentionally by property owners action like taking out a mortgage.
Writ of attachment Court order against property of another that directs sheriff to seize or take control of property.
Lien Charge or claim against a person's property to enforce payment of money. Liens are encumberances, but not all encumberances are liens.
Collateral (Security) something of value borrower promises to give lender if failure to repay
Encumberance Charge or claim that attaches to real property and lessens value or impairs use. May transfer with property.
How do liens differ from encumberances? Liens are monetary or financially attached to property because of debt.
What represents an interest in ownership not actual ownership Lien
VISE 4 ways to create a lien Voluntary, Involuntary, Statutory, Equitable
When does a lien attach to real property At the moment it is filed
When does a lien attach to personal property? When personal property is seized
Liens run with the Land
Appropration (in tax terms means) Taxing body authorizes expenditure of funds and provides for the source of funding
Tax levy The formal action taken to impose the tax
Satisfaction Release or discharge when a note is fully paid. Property interest is returned to property owner. Should be filed and recorded.
Writ of execution Directive to sheriff to enforce judgement to seize and sell as much property as necessary.
Satisfaction of judgement (Satisfaction piece) document showing property was sold to satisfy debt. Debtor should demand this.
Lis Pendence Litigation pending. Filed with court.
Notice of nonresponsibility Notice protecting property owner who did not order improvements performed by a contractor.
Types of liens Voluntary, involuntary, statutory, equitable
Created by: KimSchroeder
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