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| TAX
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A charge levied upon persons or things by a government. |
| TAX AND INSURANCE ESCROW
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When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance premiums for the mortgaged property. |
| TAX ASSESSOR
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Government official who values real estate property for tax purposes and ascertains the annual property tax assessments that must be collected. |
| TAX AVOIDANCE
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Payment of the minimum tax by using legal tax planning opportunities such as estate planning. |
| TAX BASE
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The collective value of property, income or other taxable activity or assets subject to a tax. Tax revenues are computed as the tax base times the tax rate. For property taxation, the tax base is the total assessed value of all taxable property less exemptions. |
| TAX BASIS
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The cost basis of property, such as a home owned for tax purposes. |
| TAX BOOK
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Compilation of all tax maps of a given tax district that are bound together and kept at the local tax office. The tax book is a public record that may be accessed by an individual for review upon request. |
| TAX CREDIT
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A reduction against income tax payments that would otherwise be due. |
| TAX DEDUCTION
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Tax break that is allowed by the government and used to reduce taxable income. Items such as mortgage interest, loan points that are paid and property taxes. |
| TAX DEED
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The type of instrument given to a grantee by a government that had claimed the property for unpaid taxes. |
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