Arizona Laws 42-17307. Refund of deferred taxes deposited in escrow
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If a tax deferred residence is subject to any mortgage, deed of trust or other real property security interest and the secured party maintains an escrow account into which payments are deposited for the payment of property taxes, the taxpayer may submit a copy of the certificate of deferral to the secured party. Within thirty days after receiving the certificate the secured party shall refund to the taxpayer all monies held in the escrow account to pay property taxes on the tax deferred residence.
Terms Used In Arizona Laws 42-17307
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
- Tax deferred residence: means a residence on which property taxes are deferred pursuant to this article for the current or any prior tax year. 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