Chapter 8: Real Estate Taxes Flashcards Preview

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Flashcards in Chapter 8: Real Estate Taxes Deck (6)
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1

Tax Lien

A charge against property created by operation of law. Tax liens and assessments take priority over all other liens.

2

Ad Valorem Tax

Is Latin for "according to value". Al Valorem taxes are based on the value of the property being taxed.

3

Special Assessment

Are special taxes that require property owners to pay for improvements that benefit the real estate they own.

4

Appropration

The action taken by each taxing body that authorizes the expenditures of funds and provides for the source of monies.

5

Mill

Is one-thousandth of a dollar. ($0.001)

6

Right of Redemption

Redemption period. The time in which a foreclosed owner can regain their property.