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40 Cards in this Set

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Acre-foot
43,560 square feet in an acre
Ad Valorem
Property taxes that are levied annually but paid twice a year, based on the value of the property, they are the promary lien (claim) against the property
Allodial system
"bundle of rights", what we use now:
U se with restrictions
P ossession
E ncumber (borrow money against their property)
T ransfer
E xclude others

- does not bestow total freedom
- have to obey zoning
- not right of destruction
Air rights
Do own air rights, cant charge for air space, can trim tree on property
Assessment (improvement taxes)
taxes based on assessed value
Assessment Ratios:
Residential:
Vacant Land/Agricultural:
Commercial/Industrial
R: 10%
V: 15-16%
C: 25% so high to increase tax revenue create jobs $$->taxes
Real property
realty or real estate
Corporeal
land and tenements, can touch, has body, physical
Land
own everything on surface see it, own it, own everything below earth sub-surface except water(AZ)
Tenements
Buildings and improvements, fixtures, natural fruits
Improvements
improvements to land, dirt->grass, buildings on foundation
Fixtures
attatched, requires tools to remove, considered real property not personal
M-method of attatchment
A-agreement of the parties
R-relationship of item to house
I-intent to stay w/ house or not
A-adaptability

ex (painting, plant, chandelier, window treatments)
Natural fruits
belongs to seller till closing date
Incorporeal
rights and relationships, or licenses, intangible, easements, hereditaments
Hereditaments
any property that can be inherited, royalties
Law of Situs
follow laws of zoning, state lines, cities, follow law of land wherever is
Personal Property
personalty
Chattel
past method, payment cattle
Tangible
objects- physical, feel or touch, refrigerator, bed
Intangible
rights and relationships, lease, slogan, thought, royalties
trade fixture
functional piece of business
industrial fruits
right of emblements, right to harvest crops on land after sale-one time, maintenance agreement of parties
Groundwater
controlled by DWR, need permit to use, aquiter-underground water
beneficial use
domestic agricultural use only to land less than 2 acres
Surface water
controlled by DWR, own water cant use it, need permission, only gvmt, get permit-appropriation
Riparian rights
not in AZ, not legal, law in other states, can use water on land
Water rights
need permission by DWR, nagigable streams-high water makr for property line, washes, can put boat, non-navigable no boat low water mark
Police power
enabling legislation- zoning, code enforcement, city planning, property control
Zoning
regulation of structures and uses of property within disctricts and zones
Variance
change in local zoning laws, one property one time
Master plan
communities or state
Neighborhood plan
more detailed than master plan, park, school
Urban development
down town van buren, new complexes
Arrears
how taxes are paid, use it then pay
Due dates for property taxes
DUE DATES:
1st Half- Oct. 1
2nd Half- Mar. 1
DELINQUENCY DATES:
1st Half- Nov. 1
2nd Half- May 1
"oh no more money"
Penalty for delinquency
16% interest
eminent domain
the right of the goverment to take private property for public use, constitutional right, goes through condemnation process, compensation required
escheat
reversion of property to state if property owner dies without a will or heirs, need 5yrs absence, goes to state general fun, 7 yrs can still get something
caisson
hold up, supports hold above road, city owns
Chattel
past method, payment cattle