Chapter 1 Flashcards
Ad valorem
a concept for property taxes that means “according to value”
Allodial System
a concept of land ownership that allows private individuals to own property
Annexation
attaching personal property to land so that the law views it as part of the real property
Arrears
owing payment on things for which one had yhr udr go buy had not yet paid for, such as property taxes that are paid in arrears, or the state be being in arrears with a debt obligation (accrued expenses)
Assessed Value
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%
Attachment
court-ordered seizure of a defendant’s property to satisfy a judgement. In the case of real property, attachment creates a lien.
Bill of Sale
an instrument in writing that transfers ownership of tangible personal property (ie. furniture)
Chattel
personal property
Community Facilities District (CFD)
a special purpose public improvement district in Arizona that has the ability to levy long-term bonds to finance and provide public infrastructure, such as water, sewer, schools, and streets
Condemnation
- the act or process of taking private property for public use, through the government power of eminent domain, also called appropriation, 2. a declaration that a structure is unfit for occupancy and must be closed or abolished
Law of Descent
a system whereby title to property passes by operation of law to the heirs of one who dies owning property without a will
Emblements
farm crops that require annual cultivation, which may be removed by a tenant farmer if the owner sells land; considered to be personal property, and so emblements are transferred through a bill of sale (also called fructose industriales)
Eminent Domain
the power or right of government bodies to take private real estate for public use upon payment of just and equitable compensation to the owner. The legal process of taking the property is called Condemnation or Appropriation
Escheat
the reversion of property to the state after a person dies without leaving a valid will or any heirs
Feudal System
a legal system under which real property is owned by a lord, king, or other sovereign
Full Cash Value
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
Grandfathered
a provision in which an old rule continues to apply to some existing situations while a new rule will apply to all future cases
Intestate
a person who dies without making a will, causing his or her estate to pass on by the laws of descent and distribution
Limited Property Value
In Arizona, the number used to compute primary taxes for the maintenance and operation of school districts, cities, community college districts, and counties; cannot exceed the property’s full cash value
Non-homogeneity
a characteristic of real property; each piece of land, each building, and each house is a different piece of real estate; also called uniqueness
Police Power
the right of the government to pass legislation protecting the safety, health, and welfare of the public
Real Property
the physical land itself to the center of the earth and the sky above, and anything permanently affixed to the land, such as buildings, improvements, growing plants, and fixtures, as well as the associated rights, such as water rights of easements, also called realty
Setback
a term used in local zoning ordinances that represents the distance between a lot’s boundary lines and improvements
Severance
a process through which fixtures are detached from the land and revert back to personal property
Situs
the location of a parcel of real property
Special Assessment
a tax levied only against properties that benefit from a public improvement (ie. a sewer or street light) to cover the cost of the improvement; creates an involuntary lien
Trade Fixture
an item of personal property that is annexed to leased property and is necessary to a trade or business. Trade fixtures are removable by the tenant prior to expiration of the lease
Variance
a permit obtained from the local zoning authority allowing the holder to use property or build a structure in a way that legally violates the zoning ordinance
