At Sonoran Valley Realty in Phoenix, a buyer sees both limited property value and full cash value on Arizona tax information and assumes they always mean the same thing. Each of the following statements about ad valorem tax az is generally accurate in Arizona, EXCEPT.
Correct Answer
A) LPV and FCV always mean the exact same thing under current Arizona law in that Arizona transaction
This is the exception. Under Arizona Department of Revenue property-tax materials; Arizona Department of Revenue overview materials, Arizona does not treat the issue this way. Instead, limited property value and full cash value are distinct Arizona valuation concepts and should not be treated as automatic synonyms.
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A county levy applies to Arizona property valued at $510,000.00. If the assessment ratio is 15% and the tax rate is $8.10 per $100 of assessed value, what annual tax is due?
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During an Arizona file audit in Cochise County, a buyer sees both limited property value and full cash value on Arizona tax information and assumes they always mean the same thing. Which statement should the broker communicate?