Questions and Answers
A mechanics lien would be properly classified as a(n):
Judgement liens are:
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to:
Normally, the priority of general liens is determined by:
Signup and view all the answers
The current value of a property is $248,500. The property is assessed at 40% of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed value, what is the amount of tax due on the property?
Signup and view all the answers
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly taxes if the tax rate is 30 mills?
Signup and view all the answers
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
Signup and view all the answers
Which of the following is true of the Illinois homestead exemption?
Signup and view all the answers
When poorly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
Signup and view all the answers
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n):
Signup and view all the answers
Which of the following liens does not need to be recorded to be valid?
Signup and view all the answers
When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for:
Signup and view all the answers
The current market value of a property is $335,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?
Signup and view all the answers
Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
Signup and view all the answers
Which of the following is a voluntary lien?
Signup and view all the answers
Mechanic's liens are based on:
Signup and view all the answers
A court orders real estate to be sold to satisfy an unpaid mortgage lien, is an action known as a(n):
Signup and view all the answers
A mechanic's lien can be filed against an owner's real estate by a(n):
Signup and view all the answers
Mechanics liens must be filed within _____ of job completion.
Signup and view all the answers
Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has first priority?
Signup and view all the answers
All of the following are specific liens EXCEPT:
Signup and view all the answers
Which of these is a lien on real estate?
Signup and view all the answers
The assessed value is based on:
Signup and view all the answers
What is the difference between a general and a specific lien?
Signup and view all the answers
A mechanics lien can be placed on:
Signup and view all the answers
Specific liens include all of the following except for:
Signup and view all the answers
Debts that are incurred by an individual and become liens against all real property owned by that person are:
Signup and view all the answers
What would a judgment, a lis pendens notice and a foreclosure have in common?
Signup and view all the answers
Which of the following is NOT a specific lien?
Signup and view all the answers
George owns a principal place of residence and a duplex. He pays the property taxes on his home, but fails to pay the property taxes on the duplex. George may find that a lien has been placed against his:
Signup and view all the answers
What is the rate assessment in most of Illinois?
Signup and view all the answers
At which of the following sales do interested parties try to purchase the tax lien to a property?
Signup and view all the answers
In Illinois, a contractor's right to a lien expires how long after completion of the work, if no suit is filed within that time?
Signup and view all the answers
In Illinois, when does a judgment become a general lien on a defendant's real and personal property?
Signup and view all the answers
All of the following are entitled to a lien on property in Illinois, EXCEPT:
Signup and view all the answers
Study Notes
Mechanics and Judgment Liens
- A mechanics lien is classified as an involuntary lien, which doesn’t require the property owner’s consent.
- Judgment liens are categorized as involuntary liens, created from court decisions without mutual consent.
Property Tax Redemption and Assessment
- After taxes are sold due to delinquency, property owners typically have the right to redeem the property as specified by law.
- Properties are assessed at a percentage of their current value. In some cases, this is set at 40%, with an equalization factor applied to adjust assessments for tax calculations.
Tax Calculations and Special Assessments
- Tax due on a property is determined based on the assessed value and applicable tax rates, for example, $4 per $100 of assessed value.
- Special assessments are taxes levied for specific improvements like sidewalks or sewers.
Illinois Homestead Exemption
- The Illinois homestead exemption reduces the assessed value of qualifying residential properties, providing financial relief to homeowners.
Priority of Liens
- Priority for general liens is established by the order of filing or recording; real estate tax liens generally take precedence over other liens.
- Specific liens include real estate taxes, mechanics liens, but not judgments, which are classified differently.
Property Liens and Tax Rates
- Real estate tax liens do not require recording to be valid; other types of liens generally do.
- The assessed value for properties is often based on the sale prices of comparable properties.
Types of Liens
- A general lien can cover all of a debtor's property, while a specific lien is limited to a particular property.
- Mechanic's liens can only be filed against real property, reflecting the rights of material suppliers in construction.
Expiration of Liens and Enforcement
- Mechanic’s liens must be filed within 4 months of job completion.
- If no legal action is taken against a contractor’s lien within 2 years of work completion, the right to the lien expires.
General Knowledge on Liens
- Involuntary liens include judgments, lis pendens notices, and foreclosures, and do not require the debtor's consent.
- IRS liens do not classify as specific liens, differentiating them from real estate taxes or mechanics liens.
Property Ownership and Liens
- An incomplete payment of property taxes may result in a lien solely against the affected property, not other owned properties.
- In Illinois, a judgment becomes a general lien when recorded with the county recorder’s office.
General Assessment in Illinois
- The standard assessment rate for properties in Illinois is 33.33% of the fair market value.
Tax Lien Sales
- Interested buyers often purchase tax liens at annual tax sales as part of municipal revenue collection strategies.
Rights to Lien in Illinois
- Rights to a lien on property exclude residential real estate brokers, though commercial brokers and contractors typically hold such rights.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers critical concepts in property law, including mechanics and judgment liens, property tax redemption, and assessment. It also addresses tax calculations and exemptions applicable in Illinois. Test your understanding of these essential legal principles related to property and taxation.
