Chap. 3

Question 0

Liens
Lien on property
Priority of?

Answer 0

• a charge against property that provides security for a debt or an obligation of the property owner
• if personal property tax liens go unpaid they become general.
• have priority over all types of other liens
• “pure race system” determining lien priority

Question 1

Easement in gross

Examples

Answer 1

A oersonal interest in or right to use the land of another; benefits a person or an entity not a parcel of property nondominant estate. Personal easement in gross is not assignable; commercial is.
Ex.) railroads,billboards

Question 2

Real property tax liens attach when?

Answer 2

January 1 of each year

Question 3

Real property is taxed based on what basis that means according to value?

Answer 3

Ad valorem

Question 4

Tax rate

Mills is equal to?

Answer 4

Mill = 1/1,000 of a dollar or $0.001

Question 5

Special assessment

What is the purpose of this?

Answer 5

• a tax or levy customarily imposed against only those specific parcels of real estate that will benefit from the proposed public improvement like a street or sewer.
• property owners of properties that benefit directly from the improvement are required to pay for them; b/c the improvements increase the value of the affected property the owners are in effect merely reimbursing the taxing entity for that increase.
• public improvements made to that real estate