The trading of one property for another rather than a sale of property and purchase of another. The actual transaction may involve a sale and repurchase but if done according to the requirements of IRS Section1031, it is treated as a trade. The taxpayer pays no tax on the transaction if no profit (boot) is made.

An area over which a governmental body has authority to levy property taxes; may contain one or more assessment districts.

See: Impound Account.

Freedom from payment of property or other taxes, granted to religious, educational, and similar organizations. Partial property tax exemptions are granted in some states to individuals, such as veterans and senior citizens.

(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the one owing the taxes.

A certificate obtained by the purchase of a property tax lien. It entitles the purchaser to the tax owing, including interest and penalties. A method used by governments to improve cash flow by having private sector investors buy the certificates.

Traditionally the ratio of dollars of tax per hundred or per thousand dollars of valuation. Modernly, has become to be expressed as a percentage of valuation.

A list, usually published by a county, containing the descriptions of all parcels in said county, the names of the owners (or those receiving the tax bill), the assessed value, and tax amount.

Public sale of property at auction by governmental authority, after a period of nonpayment of property tax.

A part of a title search which determines if there are any unpaid taxes or assessments which may be a lien against the property being searched.

The checking of property taxes for a lender to be sure that they are not delinquent during the life of the loan. The borrower pays a one time fee for this service.

A general term used to include any property which gives the owner certain income tax advantages, such as deductions for property taxes, maintenance, mortgage interest, insurance, and especially depreciation.

See: Documentary Tax Stamps.

See: Tax Deed (2).

A mandatory contribution of money to meet the expenses of a government, whether federal, state, or local.

See: Start Rate.

A process of painting, using a base of albuminous or colloidal materials, instead of oil.

A place of worship, usually thought of as being large and ornate.

See: Bulk Sales Act.

An estate in fee, such as “joint tenancy” or a non freehold estate, such as a tenancy under a lease.

A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate.