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a tax levied according to value, generally used to refer to real estate tax. Also called the general tax. 163

ad valorem tax


the imposition of a tax, charge, or levy, usually according to established rates. 164



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. 25



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. 164

equalization factor


a lien which arises out of common law. 161

equitable lien


a lien imposed on property by statute, a tax lien, for example. 161

statutory lien


the right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges. 233

equitable right of redemption


Federal tax on a decedent's real and personal property. 169

estate tax


the right of a creditor to have all of a debtor's property-both real and personal-sold to satisfy a debt. 162

general lien


a tax that is made up of the taxes levied on the real estate by government agencies and municipalities. 163-164

general real estate tax


State-imposed taxes on a decedent's real and personal property. 162

inheritance taxes


a lien placed on property without the consent of the property owner. 161

involuntary lien


the formal decision of a court upon the respective rights and claims of the parties to an action or suit. 168-169



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. 121



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. 169

lis pendens


a statutory lien created in favor of contractors, laborers, and material-men who have performed work or furnished material in the erection or repair of a building. 167-168

mechanic's lien


one-tenth of one cent. Some states use this rate to compute real estate taxes; 165

mill -- 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. 164

mortgage lien


the right of a defaulted property owner to recover his or her property by curing the default. 166



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. 166-167

special assessment


a lien affecting or attaching only to a certain parcel of land or piece of property. 170

specific lien


a written agreement between holders of liens on a property that changes the priority of mortgage judgement, and other liens under certain circumstances. 163

subordination agreement


a court-ordered sale of real property to raise money to cover delinquent taxes. 165

tax sale


a lien that belongs to an individual 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. 162

vendor's lien


a lien placed on property with the knowledge and consent of the property owner. 161

voluntary lien


Not all encumbrances are liens 161

But all liens are encumbrances


Four ways to Create a Lien 161

VISE- Voluntary, Involuntary, Statutory, Equitable


Exemptions from general taxes 164

cities, various municipal organizations (such as schools, parks, and playgrounds), states and federal governments, religious and charitable organizations, hospitals, and educational institutions


a federal tax lien, results fro a person's failure to pay any portion of federal taxes. It is a general statutory, involuntary lien on all real and personal property held by the delinquent taxpayer. Its priority, is based on the date of filing or recording; it does not supersede previously recorded liens. 170

IRS Tax Lien