Property Ownership
In Georgia, property taxes are a(n):
AA. Voluntary assessment by property owners
BB. Specific lien on the property that takes priority over most other liens✓ Correct
CC. General lien against all the owner's assets
DD. Personal obligation with no lien on the property
Explanation
Property taxes in Georgia are a specific lien against the taxed property. They generally take priority over private liens like mortgages and mechanics liens.
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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