Unit 10 Real Estate Taxes and Liens Flashcards

Unit 10 Real Estate Taxes and Liens Flashcards Indicate whether the following lien is general or specific,

and voluntary or involuntary:Federal Tax Lien

GeneralInvoluntary What type of lien affects all real property and personal property of a debtor?General Indicate whether the following lien is general or specific,

and voluntary or involuntary:General Real Estate Taxes

SpecificInvoluntary the equalization factor used in Illinois taxation is designed to what?correct discrepancies between the assessed values of similar parcels of land in various counties.A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax rate for the county in which the property is located is 4%. The tax bill will be

$4,800

T or F: The senior citizen exemption and freeze is available

to homeowners over 70 years of age False What is a specific voluntary lien?mortgage lein Indicate whether the following lien is general or specific,

and voluntary or involuntary:Bail Bond Lien

SpecificVoluntary Indicate whether the following lien is general or specific,

and voluntary or involuntary:Special Assessment Lien

SpecificInvoluntary What tax is intended for homeowners?Real property tax

T or F: The homeowner exemption is based on the fair

market value of the property False

T or F: Special service areas (SSA) are established to

cover the costs of public improvements by passing the costs onto homeowners who reside within the SSA True General real estate taxes levied for the operation of the government are called?ad valorem taxes

T or F: General real estate taxes are also called ad valorem

taxes True

T or F: Property owners can only obtain one exemption per

property False A mechanics lien could be filed and recorded by a what?contractor Indicate whether the following lien is general or specific,

and voluntary or involuntary:Judgment Lien

GeneralInvoluntary The first installment of the tax bill for all counties except Cook is due on what date?June 1

T or F: The assessed value of a property is usually about

1/3 of the fair market value True Indicate whether the following lien is general or specific,

and voluntary or involuntary:Mortgage Lien

SpecificVoluntary

T or F: Educational institutions are exempt from real estate

taxes True Priority of liens refers to what?the order in which liens will be paid if property is sold to satisfy the debt