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Dictionary of Law |
property tax :: legal definitionProperty tax - n. an annual governmental tax on real property or personal property based on a tax rate (so many dollars or cents per $100 value of the property). The value is usually established by an Assessor, a county official. In California the assessed value of real property is based on the amount of the last sale of the property, and the tax is limited to 1% of that figure (with a few minor exceptions) under the so-called "Proposition 13" state constitutional provision. In addition, there are special assessments for particular public property improvements such as sidewalks, tree planting, or storm drains which are charged to each property owner on the street in which the improvements are made. See also: ad valorem tax and Related Law Terms ↓ Related Law Termsabstract of title :: n. the written report on a title search which show ... e also: chain of title title reportad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction appraiser :: n. a professional who makes appraisals of the valu ... isal Institute). See also: appraise appurtenant :: adj. pertaining to something that attaches. In rea ... t. See also: easement real property assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property. assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action. color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title." condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure. devise :: 1) v. an old-fashioned word for giving real proper ... so: bequest gift legacy remise will devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee double taxation :: n. taxation of the same property for the same purp ... it is not discriminatory or unfair. easement :: n. the right to use the real property of another f ... rstandings at the time of creation. encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point. equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution fair market value :: n. the amount for which property would sell on the ... so: appraise appraiser market value foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default free and clear :: adj. referring to the ownership of real property u ... the title has no claim against it. grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title land :: n. real property, real estate (and all that grows ... See also: real estate real property lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer leasehold :: n. the real estate which is the subject of a lease ... sehold. See also: condominium lease legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging. levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order. marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust market value :: n. the price which a seller of property would rece ... ich are often called "comparables." marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice personalty :: n. movable assets (things, including animals) whic ... lso: personal effects real property possessory interest :: n. in real estate, the intent and right of a perso ... o: possess possession real property possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title. property :: n. anything that is owned by a person or entity. P ... rty real property separate property protest :: 1) v. to complain in some public way about any act ... dishonored (not paid by the bank). real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder rental value :: n. the amount which would be paid for rental of si ... alimony to be paid. See also: rent reversion :: n. in real property, the return to the grantor or ... lled "reverter." See also: reverter tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax title :: n. 1) ownership of real property or personal prope ... ink slip real property title search title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest. Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - Ppaid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleaderpain and suffering :: n. the physical and mental distress suffered from ... l damages special damages suffering palimony :: n. a substitute for alimony in cases in which the ... the relationship. See also: alimony pander :: 1) v. to solicit customers for a prostitute. 2) n. ... ons or favors. See also: prostitute panderer :: n. 1) a person who panders or solicits for a prost ... special interests. See also: pander panel :: n. the list of people selected to appear for jury ... or jury duty. See also: jury venire paper hanger :: n. slang for a person who criminally writes and ca ... ey in them. See also: forgery fraud par :: n. 1) an equal level. 2) the face value of a stock ... common stock preferred stock stock paralegal :: n. a non-lawyer who performs routine tasks requiri ... h less than that for the attorneys. paramount title :: n. a right to real property which prevails over an ... n's claim of title. See also: title parcel :: n. a defined piece of real estate, usually resulti ... See also: real estate real property pardon :: 1) v. to use the executive power of a Governor or ... also: amnesty commutation reprieve parens patriae :: (paa-rens pat-tree-eye) n. Latin for "father of hi ... pport custody divorce guardian ward parent :: n. the lawful and natural father or mother of a pe ... natural parent. See also: adoption parental neglect :: n. a crime consisting of acts or omissions of a pa ... usive or sexually predatory person. pari delicto :: adj. equal fault. See also: in pari delicto ... al fault. See also: in pari delicto parish :: n. 1) a geographic area served by a church (partic ... overnmental equivalent of a county. parody :: n. the humorous use of an existing song, play, or ... l significance. See also: copyright parol :: adj. oral. See also: parol evidence rule ... oral. See also: parol evidence rule parol evidence rule :: n. if there is evidence in writing (such as a sign ... or contradict the written document. |