Escrow & Title
In Alaska, a property tax 'lien date' is significant because on that date:
ATaxes become due and payable immediately
BProperty taxes automatically attach as a lien on the property✓ Correct
CThe assessment is finalized for the tax year
DThe owner receives their tax bill
Explanation
The tax lien date is the date on which property tax liens automatically attach to the property for the tax year. In Alaska, property taxes typically attach as a lien on January 1 of the tax year.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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