Dictionary

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Tacking

Adding or combining successive periods of continuous occupation of real property possessors.

Tax Basis

The amount on which future gain is measured. Also the amount of remaining depreciation.

Tax Credit

An amount by which tax owed is reduced directly.

Tax Levy

See Levy.

Tax Lien

A charge against property created by operation of law. Tax liens and assessments take priority over all other liens.

Tax Rate

The rate at which real property is taxed in a tax district or county.

Tax Sale

A court-ordered sale of real property to raise money to cover delinquent taxes.

Tax Shelter

A legal means by which an investor may reduce or defer payment of part of his or her income tax.

Tenancy at Sufferance

The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after his or her lease rights have expired.

Tenancy at Will

An estate that gives the lessee the right to possession until the estate is terminated by either party, the term of this estate is indefinite.