Reference
Glossary
Key tax sale, lien, and deed terms — defined.
- Arrears
- Unpaid property taxes that have accumulated over time.
- Assessed Value
- The value assigned to a property by the assessment authority for tax purposes.
- Deed
- A legal document transferring ownership of real property.
- Encumbrance
- A claim or liability attached to a property, such as a lien or mortgage.
- Lien Certificate
- A certificate representing unpaid taxes that earns interest until redeemed.
- Minimum Tender
- The lowest acceptable bid in a public tender tax sale.
- Public Tender
- A sealed-bid process where the highest valid bid above the minimum wins.
- Redemption Period
- A statutory window during which an owner can reclaim a property by paying what's owed.
- Roll Number
- A unique identifier assigned to a property by the municipality.
- Surplus Land
- Government-owned land offered for public sale.