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
- 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.