Real Property Tax Lien Topics
New Legislation Impacts Tax Lien Certificates
Arizona recently introduced legislation that modifies the expiration of tax lien certificates. A.R.S. § 42-18127 now specifies that the original tax lien and all subsequent liens on a property have a 10-year statutory limit based on the date that the original lien was acquired.
Investing in Real Property Tax Liens
In Arizona, counties can place a lien on real property for unpaid property taxes and subsequently auction off the lien to investors in the form of a tax lien certificate. A separate tax lien certificate is issued and auctioned off for each year of unpaid taxes, which means there could be multiple investors on the same property. The tax lien is prior and superior even to a mortgage or deed of trust securing a loan on the property.
Good News from Congress? Really? Tax Relief for some
For those who have had mortgage debt forgiven in 2014 either by agreement with the lender or pursuant to the provisions of the Arizona anti-deficiency statutes there were worries that there may be income tax consequences on the forgiven debt because the Mortgage Debt Reduction Act
FAQ On Real Property Tax Lien Foreclosures
When people do not pay the real property taxes on their homes, vacant land and/or commercial buildings, Arizona law allows the county governments to lien the real property for the unpaid taxes- in effect placing a mortgage on the property for payment of the unpaid taxes. If those taxes are not paid for three years, the counties will auction off the tax lien to investors.
Property Tax Information
County assessors throughout Arizona are mailing annual notices of tax valuation to all property owners over the next two months. You should examine yours carefully to make sure the assessment is accurate. If you are not happy with the value, you have a limited time to appeal. You must file the appeal within 60 days after the card was mailed. Having your property value reexamined could save you hundreds, if not thousands, of dollars a year.
Show me the note!
You may have heard stories on the news where a homeowner stopped a foreclosure by demanding that the bank produce the original promissory note after the loan was sold to a second bank. Some have referred to this as a “show me the note” tactic. Due to a recent decision by the Arizona Court of Appeals, this tactic may no longer viable in Arizona, for now.
Hidden Treasure in Liens
Many Arizonians have been searching for a way to rebuild their portfolios. Believe it or not, there is a potentially a very profitable investment tool that exists throughout Arizona that may help and even create a new fortune. This hidden secret is buying property tax lien certificates.
Appealing Property Value Could Save Big Bucks
County assessors throughout Arizona are mailing annual notices of property tax valuation to all property owners, and you should look at yours carefully to make sure the assessment is accurate. In my experience, having your property value reexamined could save you hundreds if not thousands of dollars a year.
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