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Real Estate And Search Engine Optimization Glossary

Tax
Tax as applied to real estate is an enforced charge imposed on persons, property, or income to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.

Tax-Exempt Property 
Any property which is not taxed.

Tax Lien
Lien for nonpayment of taxes.

Taxonomy
Classification system of controlled vocabulary used to organize topical subjects, usually hierarchical in nature.

Tax Sale
Public sale of property at an auction by a governmental authority, due to non payment of property taxes.

Tenancy
A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent or tenure.

Tenancy at Sufferance
A tenancy which arises when a tenant holds over after expiration of his lease.

Tenancy at Will
A tenancy which may be terminated at the will of either the Lessor or lessee.

Tenancy by the Entirety
A form of ownership by husband and wife whereby each owns the entire property. In event of the death of one, the survivor owns the property without probate.

Tenant
Any person in possession of real property with the permission of the owner.

 

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