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40 Cards in this Set
- Front
- Back
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Acre-foot
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43,560 square feet in an acre
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Ad Valorem
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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
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Allodial system
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"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 |
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Air rights
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Do own air rights, cant charge for air space, can trim tree on property
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Assessment (improvement taxes)
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taxes based on assessed value
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Assessment Ratios:
Residential: Vacant Land/Agricultural: Commercial/Industrial |
R: 10%
V: 15-16% C: 25% so high to increase tax revenue create jobs $$->taxes |
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Real property
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realty or real estate
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Corporeal
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land and tenements, can touch, has body, physical
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Land
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own everything on surface see it, own it, own everything below earth sub-surface except water(AZ)
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Tenements
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Buildings and improvements, fixtures, natural fruits
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Improvements
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improvements to land, dirt->grass, buildings on foundation
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Fixtures
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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) |
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Natural fruits
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belongs to seller till closing date
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Incorporeal
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rights and relationships, or licenses, intangible, easements, hereditaments
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Hereditaments
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any property that can be inherited, royalties
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Law of Situs
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follow laws of zoning, state lines, cities, follow law of land wherever is
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Personal Property
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personalty
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Chattel
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past method, payment cattle
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Tangible
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objects- physical, feel or touch, refrigerator, bed
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Intangible
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rights and relationships, lease, slogan, thought, royalties
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trade fixture
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functional piece of business
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industrial fruits
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right of emblements, right to harvest crops on land after sale-one time, maintenance agreement of parties
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Groundwater
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controlled by DWR, need permit to use, aquiter-underground water
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beneficial use
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domestic agricultural use only to land less than 2 acres
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Surface water
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controlled by DWR, own water cant use it, need permission, only gvmt, get permit-appropriation
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Riparian rights
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not in AZ, not legal, law in other states, can use water on land
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Water rights
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need permission by DWR, nagigable streams-high water makr for property line, washes, can put boat, non-navigable no boat low water mark
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Police power
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enabling legislation- zoning, code enforcement, city planning, property control
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Zoning
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regulation of structures and uses of property within disctricts and zones
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Variance
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change in local zoning laws, one property one time
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Master plan
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communities or state
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Neighborhood plan
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more detailed than master plan, park, school
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Urban development
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down town van buren, new complexes
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Arrears
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how taxes are paid, use it then pay
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Due dates for property taxes
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DUE DATES:
1st Half- Oct. 1 2nd Half- Mar. 1 DELINQUENCY DATES: 1st Half- Nov. 1 2nd Half- May 1 "oh no more money" |
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Penalty for delinquency
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16% interest
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eminent domain
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the right of the goverment to take private property for public use, constitutional right, goes through condemnation process, compensation required
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escheat
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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
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caisson
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hold up, supports hold above road, city owns
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Chattel
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past method, payment cattle
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