Term
| Governments Four Basic Rights Over Property |
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Definition
PETE
Police Enforcement, Eminent Domain, Taxation, Escheat (right to take property if the owner dies without a will or qualified heirs. County and state only, not federal.) |
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Term
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Definition
| Regulates structures and the uses of property, usually duty of counties and municipalities. Enforced through building permits. |
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Definition
| Residential, Agricultural, Planned Area and Development, Commercial, Industrial |
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Term
| Zoning Code Enforcement Tools |
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Definition
| Building Permit, Certificate of Occupancy, Inspections, Public Safety Officers, Fire Marshals, Health and Safety Officers and Fines. |
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Term
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Definition
| Master Plans to regulate overall community growth, neighborhood plans, urban development and redevelopment plans for downtown areas. |
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Term
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Definition
| State and local governments. |
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Term
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Definition
Annual, but paid twice a year. Ad Valorem (based on value of property) Primary lean against property. Tax periods are:
Jan 1 to June 30
July 1 to December 31
Due dates for taxes are:
Oct 1
March 1
Delinquent is one month after due date and accrues a 16% interest penalty per annum not paid. |
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Term
| Who collects property taxes? |
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Definition
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Term
| What is the tax lien process? |
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Definition
If taxes are not paid on time, the treasurer may put a tax lien up for sale in February following the owner's notice of delinquency.
- The tax lien is sold at public auction.
- If there are multiple bidders, the bidder with the lowest interest rate (between 0 and 16%) wins.
- Winning bidder pays for tax due and interest.
- Winning bidder gets a Certificate of Purchase
- Property owner has three years to pay county treasurer delinquent taxes, interest and fees.
- The treasurer in turn pays the Certificate of Purchase holder
- If the property owner does not pay up in three years the Certificate of Purchase owner can foreclose
- Sometimes corporations will default on taxes to take advantage of a possible lower interest rate
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Term
| What are Special Assessment Taxes? |
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Definition
Taxes for local improvements such as streets and sewers. Pro rata based meaning you pay for accrued benefits from the improvements.
If an owner has 100 more feet of property on a street being improved than another owner, he would pay more.
Can be paid all at one time over over a period of years. Due date is same as delinquency dates for property taxes. Nov 1 and May 1. |
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Term
What can property owners appeal? |
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Definition
- Classification of property or assessed value. (But NOT taxes.)
- Appeal through assessors office, county board of equalization or state superior court.
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Term
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Definition
Reversion of property to the state after death. Usually involves personal, not real, property. State can sell after 5 years if no heir claims the property. Money goes to the state general fund.
Heirs who show up late are only given a modest sum of money. |
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