Archives: Glossary Terms

The taxes owed to a taxing authority which can be real estate taxes, ordinary income tax or capital gains tax.

A claim against property which may be sold by the taxing authority arising out of nonpayment of taxes.

An agreement in a lease where the lessee agrees to pay all or a part of any real estate tax increases.

The amount to be paid as a result of nonpayment of taxes that is usually expressed as a percent of the unpaid balance.

A list of all taxable property used to establish the tax base which shows the assessed value of each parcel and its owner. Also know as Assessment roll.

The sale after a set time period of property for nonpayment of taxes.

A certificate bought at a tax sale which transfers the lien but not the title to the purchaser. The county gets its tax money, the owner keeps the property and the purchaser gets a high yield on the certificate.

An investment motivated primarily to obtain an income tax deductions to apply against taxable income earned from other sources.

The title transferred through a tax sale.

A real estate transaction in which one real property in whole or in part is exchanged for another “like kind property” to defer the payment of capital gains tax. Also referred to as a Tax-free exchange. See Like kind property.