Vocabulary: Chapter 7- Real Estate Taxes and Liens Flashcards Preview

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Flashcards in Vocabulary: Chapter 7- Real Estate Taxes and Liens Deck (25)
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Ad valorem tax

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 the 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


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. The ad valorem tax would be based on this adjusted value


Equitable Lien

A lien which arises out of common law


Equitable right of redemption

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


Estate Tax

Federal tax on a decedent's real and personal property


General Liens

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

alien 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 judgement has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant



A right given b y law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale


Lis Pendens

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


Mechanic's Lien

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.


Mortgage Lien

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


Special assessments

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 Liens

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


Statutory Lien

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


Subordination agreements

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


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