TAX TITLE Meaning and
Definition
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Tax title refers to a legal term that pertains to the ownership rights of a property or asset that has been acquired by a governmental entity due to a person's failure to satisfy their tax obligations. When a property owner is unable to pay their property taxes, the government has the authority to place a tax lien on the property, which means that it can later sell the property to recover the unpaid taxes.
Once the government has obtained ownership of the property through foreclosure or similar legal proceedings, it is said to hold a tax title. This title grants the government the right to possess, sell, or otherwise dispose of the property in order to recover the unpaid taxes. The government then becomes the legal owner of the property and assumes the responsibility for maintaining it and paying any future taxes or liens on the property.
In some cases, the government may sell the property to an interested buyer at a public auction. The buyer will typically receive a tax deed or certificate of title, which establishes their ownership rights and signifies that the property has been transferred from the government's tax title to their own. It is important to note that properties with tax titles may have additional risks and restrictions, such as unresolved liens or encumbrances, which potential buyers should investigate before completing a purchase.
Common Misspellings for TAX TITLE
- rax title
- fax title
- gax title
- yax title
- 6ax title
- 5ax title
- tzx title
- tsx title
- twx title
- tqx title
- taz title
- tac title
- tad title
- tas title
- tax ritle
- tax fitle
- tax gitle
- tax yitle
- tax 6itle
- tax 5itle
Etymology of TAX TITLE
The word "tax title" does not have a specific etymology as it is a combination of two separate words.
1. Tax: The word "tax" originates from the Latin word "taxare", which means "to assess" or "to appraise". The Latin term was derived from the Greek word "tassein", which also means "to appraise" or "to arrange". Over time, the term "tax" came to refer to a compulsory financial charge or levy imposed by the government on individuals or businesses.
2. Title: The word "title" comes from the Old English word "titul", which was derived from the Latin word "titulus". In Latin, "titulus" referred to an inscription or heading used to identify or characterize something. In the context of "tax title", it is often used to refer to legal ownership or a document proving ownership.
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