16. Government Rights

The term "ad valorem" is Latin for ______.

"According to value"

Prue's home has a market value of $309,500. The county assessor has provided her with a notice stating that the limited property value (LPV) for the property is $295,000. Assuming an assessment ratio of 10%, what is the assessed value of Prue's property

$29,500

Juan purchased a property for $420,000 and financed $336,000 of it. The assessed value of the property is $387,000. The property appraisal came in at $432,000. Which of these amounts is used in calculating the property tax

$387,000

Randall purchased a home in Scottsdale without realizing that the previous owners hadn't paid their property taxes in more than a year. What is likely to happen to Randall now that he is the new owner

A foreclosure may be triggered if the lien remains unpaid.

What's a special assessment

A levy local government applies to individual parcels of real estate that will benefit from road or other infrastructure improvements

Generally speaking, ______ liens have priority over others.

Earlier

What's market value

The probable sales price if the property were listed today and a willing seller and buyer were involved in the transfer of ownership

Residential properties in Arizona have an assessment ratio of ______.

10%

The Jacobson Corporation owns and operates an Arizona retail grocery store. What assessment ratio will the county use to calculate Jacobson's property taxes

18% This would be classified as a commercial, which is a class one property with an assessment ratio of 18%

Homeowners who don't agree with the county assessor's valuation of their property may file a petition within ______ days of their notice's mailing date.

60

Homeowners who don't agree with the county assessor's valuation of their property may file a petition within ______ days of their notice's mailing date.

60 Homeowners have 60 days from the date their assessment notice is mailed to file an appeal if they don't agree with the assessor's valuation of their property. The assessor will render a final decision regarding the petition by August 15.

Which of these would most likely be funded through a Community Facilities District

A community's costs to install sidewalks, curb, and gutter in a new neighborhood.

What is assessed value

A percentage of market value; also the amount of property value to which the tax rate is applied

How does Arizona determine the property tax rate for a given property

Add the primary and secondary tax rates

To calculate property taxes, multiply the ______ by the tax rate.

Assessed value

Clarisse's home was just foreclosed on, but the money made from the foreclosure wasn't enough to pay off all of Clarisse's liens. How will this affect Clarisse

Clarisse will lose the property and continue to owe debts to lien holders who weren't fully paid.

Licensed childcare facilities, nonprofit residential facilities, and licensed nursing homes are all considered which type of Arizona property classification

Class four

When a government authority takes private property under the power of eminent domain, what must the property owner receive in exchange

Compensation

Which agency administers the Interstate Land Sales Full Disclosure Act

Consumer Financial Protection Bureau

Which term means the power of the government to take private land for public use

Eminent domain The power of the government to take private land for public use is known as eminent domain.

Mr. Sun owns property in Glendale. He passed away, leaving no will, no heirs, and no creditors. The state can acquire the property through which process

Escheat

The state's claim to property when a property owner dies, leaving no will, heirs or creditors, is the power of ______.

Escheat

In Arizona, which act prevents the fraudulent sale of property, sight unseen, through the regulation of land sales across state lines

Interstate Land Sales Full Disclosure Act The Interstate Land Sales Full Disclosure Act prevents fraud by requiring specific disclosures from developers.

Government regulation of a property that deprives the landowner of the economic value of the property without compensation from the government is called ______.

Inverse condemnation

The transfer of land through eminent domain or condemnation is known as what

Involuntary alienation

Which of these best describes lien priority

It determines who will be paid first in the case of foreclosure.

In Arizona, property tax liens attach on ______.

January 1

Which of these rights do governments possess related to police power

Levy property taxes on residential properties Among other powers, police power grants local, county, and state governments the authority to levy and collect property and personal property taxes to fund government operations.

In which of the following situations would the state be able to use its power of escheat

Nadine died with no children and no debt. Escheat occurs when a property owner dies without a will in place, and no heirs or creditors can be found.

In which of the following situations can the state use its power of escheat

Nadine died with no heirs and no debt.

Sandra didn't realize that Arizona property taxes are split into two payments. While she paid the first half of her taxes by the October deadline, she didn't submit her second tax payment until April 28 of the following year. Sandra's payment is considered to be ______.

On time

Sandra didn't realize that she owed property taxes twice a year in Arizona. While she paid the first half of her taxes by the October deadline, she didn't submit her second tax payment until April 28 of the following year. Sandra's payment is considered to be ______.

On time There's some wiggle room when it comes to paying tax bills. While the second tax bill for a year is due on March 1, homeowners have until May 1 to submit their payment.

Property taxes generate approximately ______ of local government revenue.

One third

What is the purpose of special assessments

Pay for community improvements

The authority to levy and collect property taxes is an example of ______.

Police power

The government's authority at all levels to ensure the health, safety, and welfare of its citizens, which includes the control of public land use, is the definition of ______.

Police power

With the exception of state liens or encumbrances, what type of lien takes priority over all others

Property tax liens

A property has just been foreclosed on. Which of the following describes the rules regarding lien priority

Property tax liens take priority, with all others following a "first in time" rule.

The income from what reliable source benefits the entire community by funding essential services and public works

Property taxes

Which of the following would be something that could be improved by using funds from a special assessment tax

Road repaving

In Arizona, which of the following types of liens has the highest priority

Tax liens

Marquis hasn't paid her property taxes for two years. She's behind on her mortgage and HOA fees, and the contractor who remodeled Marquis' kitchen has filed a mechanic's lien. Which lien gets paid first in the case of a foreclosure

The property tax lien

Laura's property is subject to a special assessment. Which of the following is true

The special assessment must benefit Laura's property.

Which one of the following characteristics makes property taxes a reliable target for taxation

They have a high compliance rate. One characteristic that makes property taxes a reliable target for taxation is that they have a high compliance rate (that is, people tend to pay their property taxes). They are also hard to conceal, hold their value, and have low collection costs.

What's the purpose of an assessor's parcel number

To identify a property for tax purposes

Eminent domain and condemnation occur when the ______ of land is involuntary.

Transfer

Can police power ever be used in a way that restricts citizens' freedom

Yes, if it's for the public good.