Chp 10 Real Estate Taxes and Liens

A tax levied according to value, generally used
to refer to real estate tax, Also called the general tax.

The imposition of a tax, charge, or levy,
usually according to established rates.

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.

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.

See statutory lien.

The right of a defaulted property owner to
recover the property prior to its sale by paying the appropriate fees and
charges.

Federal tax on a decedent’s real and personal
property.

The right of a creditor to have all of a
debtor’s property both real personal sold to satisfy a debt.

A tax that is made up of the taxes levied on the
real estate by government agencies and municipalities.

State imposed taxes on a decedent’s real and
personal property.

A lien placed on property without the consent of
the property owner.

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.

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.

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.

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.

One-tenth of one cent. Some states use a mill
rate to compute real estate taxes; for example, a rate of 52 mills would be
$0.052 tax for each dollar of assessed valuation of a property.

A lien or charge on the property of a mortgagor
that secures the underlying debt obligations.

The right of a defaulted property owner to
recover his or her property by curing the default.

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.

A lien affecting or attaching only to a certain,
specific parcel of land or piece of property.

A lien imposed on property by statute a tax
lien, for example in contrast to an equitable lien, which arises out of common
law.

A
written agreement between holders of liens on a property that changes the
priority of mortgage, judgment, and other liens under certain circumstances.

A court ordered sale of real property to raise
money to cover delinquent taxes.

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.

a lien placed on property with the knowledge and
consent of the property owner.