Government Rights in Real Property

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

Residential properties in Arizona have an assessment ratio of ______.

10% In Arizona, residential properties have an assessment ratio of 10%, which is used to calculate the assessed value (limited property value × assessment ratio = assessed value).

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%

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

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

Class four

Which agency administers the Interstate Land Sales Full Disclosure Act?

Consumer Financial Protection Bureau

Generally speaking, ______ liens have priority over others.

Earlier Generally, a lien's recording date determines its priority. The earliest recorded lien gets paid first, and so on. But certain liens take priority over others regardless of recording date.

Jonathan hasn't paid his property taxes in more than a year. He wants to sell his property and try to move to a smaller home. What can he do in these circumstances?

He can pay the lien; otherwise, he can't sell the property.

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

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 can the state use its power of escheat?

Nadine died with no heirs and no debt.

Property taxes generate approximately ______ of local government revenue.

One third

What is the purpose of special assessments?

Pay for community improvements

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

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.

Which of the following is NOT a way to remove a tax lien from a property?

Selling the property after the lien has been in effect for at least three years.

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.

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

To identify a property for tax purposes