Archives: Glossary Terms

A legal action intended to establish, settle or remove a cloud on the title of a particular property.

The ownership rights in a parcel of land that are limited to the surface of the property and do not include the air rights above it or the subsurface minerals below it.

A short-term loan enabling the purchaser of a property to purchase another property before receiving the cash equity from the property he or she is selling.

A loan typically arranged by a builder or developer for a buyer from which the proceeds of this more permanent loan goes to pay the construction loan in full.

Property that can be seen, touched, and moved without great difficulty.  Excludes real estate and tangibles.

 

    EXAMPLE:  State law often governs or describes property and classifies it for AD VALOREM TAX purposes.  Property considered tangible personal property might include:

Machinery, equipment, jewelry and trucks.

 

Any real or personal property that may be physically touched or handled or perceived by the senses such as land, its fixed improvements, furnishings, merchandise, cash, leases, etc.

Any real or personal property that may be physically touched or handled or perceived by the senses such as land, its fixed improvements, furnishings, merchandise, cash, leases, etc.

The amount of decrease or deduction of a tax improperly levied.

A credit received for a particular item such as a solar energy credit that becomes a direct reduction from the amount of tax owed.

The deed given to a purchaser at a public sale of land for nonpayment of property taxes which can convey only as much title as the defaulting taxpayer held.