Ad Valorem Tax
Real Estate taxes allocated according to value.
Claim or charge attached to real property used to enforce the re-payment of a debt.
Writ of Attachment
Judicial intervention where the court takes title to the property until the law suit is concluded. Title cannot be conveyed until the writ is removed.
Recorded notice of pending law suit involving real property. Not a lien, just notice of a possible future lien.
A specific involuntary lien on real property designed to protect those who have provided labor or material used to improve it.
Method of quoting real estate tax rates. One mill = 1/1000 of one dollar. (i.e. 30 mills equals $0.030 and would be multiplied by the assessed value to determine the tax bill).
A general involuntary lien against a person and all their property (real and personal) (i.e. a court judgment)
A mechanism to adjust the effective real property tax on a parcel whose assessment has fallen out of line with other properties.
A specific voluntary lien placed on real property that has been pledged as collateral for a loan.
A real estate tax levied against only those properties that will benefit from specific capital improvement projects such as sewers or street lights. (Always a specific lien but could be either voluntary or involuntary).
A lien placed against a specific piece of property. (i.e. if you borrow money to buy 123 Main St. and pledge that property as collateral, a lien will be created against only 123 Main St.)
Equitable Right of Redemption
The right of a debtor to stop the forced sale of their real property by repaying the entire debt prior to sale.
Instrument provided by a creditor acknowledging the repayment of a debt. (Recording this satisfaction removes the lien created by the mortgage).
When a lien holder agrees to lower their position allowing another to have priority.
Official valuation of real property for tax purposes.