Arizona real estate taxes

Question 1

Latin phrase meaning “according to value”

Answer 1

Ad Valorum

Question 2

Taxes assessed on real property based on its value

Answer 2

Ad valorem tax

Question 3

A sworn statement under oath that indicates the purchase price paid by the buyer any transaction; must be filed with the deed and signed by both buyer and seller

Answer 3

Affidavit of value

Question 4

For property tax purposes, a percentage of the market value. In Arizona the percentage for residential property is 10%, raw land is 15% and commercial property is 18%

Answer 4

Assessed value ratio

Question 5

A document issued by the county treasurer to the winning bidder at an auction for delinquent taxes

Answer 5

Certificate of purchase (CP) - also called

Treasurer’s Certificate

Question 6

A special purpose public improvement district in Arizona that has the ability to Levi long-term bonds to finance and provide public infrastructure, such as water, sewer, schools, and streets

Answer 6

Community facilities district (CFD)

Question 7

In Arizona, the value of land and improvements as the basis for determining the taxable value of a property tax assessment; synonymous with market value

Answer 7

Full cash value (FCV)

Question 8

In Arizona, the number used to compute taxes; cannot exceed the properties for cash value (FCV)

Answer 8

Limited property value (LPV)

Question 9

A rate of taxation for real property calculated at $1 per $1000 (or .001) of assessed value

Answer 9

Mill

Question 10

A tax levied on the value of real property

Answer 10

Real estate taxes – also called

Property taxes

Question 11

An auction of property conducted by county treasurer to recover delinquent taxes

Answer 11

Treasurer’s sale – also called
Tax Lien Auction
Delinquent Tax Lien Sale