Definition of "Tax sale"
When a property owner defaults on his or her tax payments, the taxing jurisdiction may force a liquidation of the property or tax sale for the purpose of collecting the owed real estate taxes. Many states have laws that provide for a redemption period in which the property owner may redeem the property that was sold if the purchase price, back taxes, and other related costs are paid in a specified period of time following the tax sale.
Popular Real Estate Terms
A two-story house characterized by a balcony spanning the width of the second story. Monterey architecture was adopted from the early California Spanish period. ...
A loan used for acquiring land. Loans used to purchase unimproved land have more risk than a mortgage to purchase improved property, thus, land loans traditionally have a somewhat higher ...
A lease granted for the right to explore for and recover oil and gas on a specific parcel of property. The terms of an oil and gas lease specify the length of time of the contract, the ...
In order to define the rate of return on investment, or more commonly known as ROI we are also going to explain how it can be calculated and what to look for in the return rate. Investing ...
Economic or physical life of a fixed asset. The property is depreciated over the period benefited. ...
(1) Right to engage in and earn from a particular activity in return for services or for a particular use. (2) Reduced price used as an incentive. (3) Permission or right, granted by a ...
The value of property subject to tax. The tax equals the tax rate multiplied by the property's value. ...
A land property estate contingent upon the occurrence or lack of occurrence of a particular event whereupon it can be created, augmented, or dismantled. ...
In-ground watering system generally controlled by a digital timer that waters the grass and shrubbery of a property. ...
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