Arizona Laws 42-17303. Property entitled to tax deferral
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To qualify for deferral of property taxes the residence shall meet all of the following requirements:
Terms Used In Arizona Laws 42-17303
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Property taxes: means all ad valorem taxes that are levied by all taxing jurisdictions and that become a lien on a residence, including special assessments. See Arizona Laws 42-17301
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Residence: means real and personal property and improvements that constitute an owner-occupied dwelling that is classified as class three pursuant to section 42-12003. See Arizona Laws 42-17301
- Taxpayer: means an individual or an individual's legal representative who files a claim for deferral pursuant to this article. See Arizona Laws 42-17301
1. It must be the taxpayer‘s primary residence.
2. It must not be income producing.
3. It may not have a full cash value, as determined by the county assessor for the current tax year, of more than one hundred fifty thousand dollars.
4. It may not be subject to the lien of any mortgage, reverse mortgage, deed of trust or other real property security interest that has been of record for less than five years before the date the deferral claim form is filed.
5. All property taxes must be paid for years preceding the year for which the initial election is made.