click below
click below
Normal Size Small Size show me how
Real Estate - Ch. 15
Real Estate Taxes and Other Liens
Term | Definition |
---|---|
ad valorem tax | A tax levied according to value, generally used to refer to real estate tax. Also called the general tax. |
assessment 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. |
equitable lien | a lien imposed by a court on property to achieve fairness. |
equitable right of redemption | The right of a defaulted property owner to recover the property before its sale by paying the appropriate fees and charges. |
estate tax | Federal tax on a decedent’s real and personal property. |
general lien | 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. |
junior lien | An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same property. |
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. |
mechanic’s lien | A statutory lien created in favor of contractors, laborers, material suppliers, and others who have performed work or furnished materials in the erection or repair of a building. |
mill | One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would indicate a tax of $0,052 for each dollar of assessed valuation of a property. |
mortgage lien | A lien or charge on the property of a mortgagor that secures the underlying debt obligation. |
special assessment | 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 lien | A lien affecting or attaching only to a certain, identified 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. |
statutory right of redemption | The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges. |
subordination agreement | A written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances. |
tax lien | 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. |
writ of attachment | A document ordered by the court to have a sheriff enter a leased property to give possession back to the owner. |