Unit 15 Real Estate Taxes and Other Liens

This set of flashcards covers key vocabulary related to real estate taxes and other liens, including definitions of important terms and concepts from the lecture.

Ad Valorem Tax

A tax based on the value of the property being taxed.

Assessment Equalization

A factor used to achieve uniformity in tax assessments across jurisdictions.

Involuntary Lien

A lien placed against property without the consent of the property owner, often due to legal judgments or tax assessments.

Judgment

A court decree that establishes the amount owed by a debtor and may result in a lien on the debtor's property.

Statutory Right of Redemption

The right of a property owner to reclaim their property following a tax sale by paying the amount collected at the sale plus interest.

Subordination Agreement

An agreement that changes the priority of liens on a property.

Voluntary Lien

A lien created intentionally, typically when a borrower takes out a mortgage.

Junior Lien

A lien that comes after a prior lien and may be subordinate to it in terms of payment priority.

Mechanic's Lien

A specific, involuntary lien that secures the interest of those who provide labor or materials for improvements to real property.

Tax Sale

The sale of a property due to unpaid taxes, often conducted by a government entity.

Mill

A unit of measurement for tax rates, equal to 1/1000 of a dollar.

Estate Tax

A tax imposed on the value of the estate of a deceased person before distribution to heirs.

Mortgage Lien

A voluntary lien that secures a loan against real property, recorded at the county level.

General Lien

A lien that affects all properties owned by a debtor, not limited to a specific asset.

Specific Lien

A lien that is secured by a specific property, such as a tax lien or mechanic's lien.

Lis Pendens

A notice filed in the public record indicating that a lawsuit affecting a property has been filed.

Writ of Attachment

A court order that allows for the seizure of property to secure a legal judgment.

IRS Tax Lien

A general lien imposed by the IRS for unpaid federal taxes, affecting all real and personal property of the taxpayer.