I keep on hearing this word…what excatly does it mean? I have ideas but I wanna make sure…could someone please enlighten me?
ar·rears ( P ) Pronunciation Key (-rîrz)
pl.n.
An unpaid, overdue debt or an unfulfilled obligation.
The state of being behind in fulfilling obligations: an account in arrears.
Generally refers to taxes in R.E.
Tax payments are 6 months in arrears. i.e., you pay jan. - june taxes paid in June and june-jan taxes in jan.
arrears~ Can also mean payments it is anything with a past due amount!