Property Tax Language

Levy

(Verb) To impose taxes, special assessments, or service charges for the support of governmental activities. (Noun) The total amount of taxes, special assessments, or service charges imposed by government.

Lien

A form of burden which usually makes specific property security for the payment of a debt. Usually a recorded document. Example: judgments, taxes, mortgages, deeds of trust, etc.

Lien Date

The time when taxes for any fiscal year become a burden on property.

Limitations, Statute of

The commonly used identifying term for various statutes which require that a legal action be commenced within a prescribed time after the accrual of the right to seek legal relief.

Lot

Generally, a portion or parcel of real property. Usually refers to a portion of a subdivision.