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Term | Definition |
---|---|
Ad Valorem Tax | A tax levied according to value; generally used to refer to real estate tax. Also called general tax |
Assessed Value | The valuation placed upon property as a basis for taxation |
Equalization Factor | Figure that adjusts assessments for varying community standards |
Mill | One tenth of one cent. A tax rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property |
Redemption Period | A period of time established by state law during which a property owner has the right to redeem their real estate from a tax sale by paying the sale price, interest, and costs |
Special Assessment | A tax or levy customarily imposed against only those specific parcels of real estate that benefit from a public improvement like a street or a sewer |
Tax Forclosure | Seizing of property for unpaid taxes |
Tax Lien | A charge against property created by operation of law. Tax liens and assessments take priority over all others |
Tax Sale | A court-ordered sale of real property to raise money to cover delinquent taxes |