Chapter 9: Real Estate Taxes and Other Liens

*   Types of liens

*   Property Taxes

*   Priority of liens generally established by date recorded. The earlier the date recorded, the higher the priority of the lien.

Interest and Rights in the Land of Others (Liens)

*   General liens

*   Specific liens

*   Mortgage

*   Mechanics

*   120 days to file

*   2 years to foreclose

*   Tax--automatic priority

Property Tax Rates

*   For communities with only property tax revenues:

Millage rate = Total local budget                      x 1000
                                                 Total Taxable Property Value

*   For communities with other revenues:

Millage rate = Total local budget - Other revenues                                                                                                        Total Taxable Property Value        x 1000

Tax Adjustments

*   Homestead Exemption

*   Greenbelt laws

*   Special Assessments

*   Special Tax Districts

Issues About Property Taxation

*   Efficiency of property tax

*   Fairness or equity (taxes poor disproportionately)