16. Government Rights NEW
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
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
In Arizona, property tax liens attach on ______.
January 1
Which of the following would be something that could be improved by using funds from a special assessment tax
Road repaving
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
Laura's property is subject to a special assessment. Which of the following is true
The special assessment must benefit Laura's property.
Can police power ever be used in a way that restricts citizens' freedom
Yes, if it's for the public good.
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%
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
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.
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 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
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
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.
Which of these rights do governments possess related to police power
Levy property taxes on residential properties
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.
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
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
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
Which one of the following characteristics makes property taxes a reliable target for taxation
They have a high compliance rate.
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
