In real estate, 'encumber' refers to the act of burdening a property with a liability, debt, or legal claim, which can limit the owner's ability to transfer title or decrease the property's market value.
Goodwill is an intangible business asset representing the value derived from customer and supplier relationships, brand recognition, and other non-physical factors that add to the company's value. It is differentiated from tangible assets and is not subject to ad valorem taxes in most jurisdictions.
Regressive taxation refers to a tax system where the tax burden falls more heavily on those with lower incomes compared to those with higher incomes. This is in direct contrast to progressive and proportional taxation systems.
A Tax Appeal or Tax Protest is an effort to reduce ad valorem property taxes, typically based on the argument that the assessed value is greater than the market value or that the assessment does not ensure equal and uniform taxation.
A tax sale is the sale of property after a period of nonpayment of taxes, where the purchaser receives a tax deed. The defaulting owner typically has a redemption period to reclaim the property by paying owed amounts.
Tax-exempt property, often pivotal in supporting non-profit organizations and government entities, refers to real estate that is not subject, in whole or in part, to ad valorem property taxes.
