Real Estate Law 67

admin 2019.05.12 19:44 Views : 417

Check Your Understanding Answers

  1. Describe a property tax lien.

    Property tax liens are involuntary and specific liens. California property owners who do not pay their property taxes by June 30th incur a superior lien on the property.
     
  2. List the four ways a federal income tax lien can be removed.
    • Full payment
    • The lien is discharged – this may occur during the sale of the property and allow for payment of the debt.
    • Subordination – this may occur if the property owner is refinancing and equity is used to pay the tax debt.
    • Withdrawal
       
  3. How long is a California income tax lien valid?

    A California income tax lien is valid for 10 years from the date it is filed. It can be renewed twice if unpaid after each 10 year period for a total of 30 years.
     
  4. What is a municipal utility lien?

    A municipality placing a utility lien against a resident's real property for failure to pay utility bills. 
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