The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value.
A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void.
A mortgage made subsequent to another and subordinate to the first one.