TAX MAP a document showing the location, dimensions, and other information pertaining to a parcel of land subject to property taxes. Maps are generally bound into books and kept as public records at the local tax office. TAX RATE the ratio of a tax assessment to the amount being taxed. TAX ROLL the list of all properties subject to a tax in a county or other property taxing jurisdiction. It identifies all properties and indicates their assessed values.
TAX SALE the sale of property after a period of nonpayment of taxes.
The grantee receives a tax deed. In most states the defaulting party has a redemption period during which he may pay the unpaid taxes, interest, court costs, and the purchase price to redeem the property. The investment may produce before-tax cash flow while generating losses to shield, from taxation, income from sources outside the investment. TAX STOP a clause in a lease that stops a lessor from paying property taxes above a certain amount. It is an incentive to encourage borrowers to accept adjustable-rate mortgage loans.