GLOSSARY OF TERMS OFTEN ASSOCIATED WITH TAX DEED PROPERTIES

Ad Valorem - A tax whose amount is based on the value of a property.  

Advertise Properties for Sale - The Tax Collector is required to advertise those properties that will be sold at least twice after the 5th of August but before the date of the sale.

Assessed Value - Usually 10-15% of the county’s “True Value” or appraised value.

Chancery Clerk -  Among many other duties, the Chancery Clerk is responsible for issuing tax deeds.

Parcel Number (e.g. 167B 5870 00941300) - A unique identification number assigned to each property.

PPIN - A unique property identification number assigned to parcels.  Some counties use this number rather than parcel number when referring to properties. 

Quitclaim Deed - Transfers whatever interest the conveyor or grantor may have in a property and contains no covenants or warranties of title whatsoever.

Redemption - The payment of delinquent taxes by a property owner in order to redeem his property that was sold at a tax sale.

Redemption Period - The two-year (Mississippi) period following a tax sale during which the property owner may redeem property fron the tax sale.  Properties that are not redeemed by the end of the redemption period are said to have "matured".

Tax Assessor – The elected official responsible for determining the property valuation and the taxes due.

Tax Collector – The elected official responsible for collecting taxes and conducting tax sales.

Tax Deed - Issued to the tax receipt purchaser at the end of the redemption period -  Evidencing right of possession and that the redemption period has ended.

Tax District - The municipality or county.

Tax Receipt - (Tax Certificate) Evidence of the purchase of property at a tax sale (Tax Lien), it vests “perfect title” but without right of possession and is subject to redemption.