Lecture Notes 9-18

Lecture Notes 9-18 - -Land use and value Real estate values...

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Public Limitations to Ownership Fee simple absolute – owned completely. -Escheat -Property tax -Eminent Domain -Zoning Property Tax Rate -Assessor: all property on the tax roll Full cash value FCV (sec), bonds, special districts Limited property value (primary), govt, schools -Two assessed values AZ residential 10% of FCV or LPV -Tax district budgets Maricopa county flood control district -Tax rate = each budget / assessed value (FCV or LPV) Individual Property Tax -Tax bill = sum of taxes for each tax district Each district’s individual tax rate applied to FCV of LPV -Example: Maricopa county flood control district Individual tax = FCV * Tax rate Tax = $39,750 * .001533 Tax = $ 60.94 Zoning -Police power
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Regulate for the “health, safety, and welfare of the community” Building codes Subdivision regulations - No compensation -Supreme court Ambler realty Vs. Village of Euclid
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Unformatted text preview: -Land use and value Real estate values are interrelated Planning tool for cities and counties Zoning Continued-Legislative power P and Z commission-Comprehensive or general plan Transportation, emp, pop, etc studies. Zoning districts: R-1 Map Scottsdale Eminent Domain-Constitutional power 5 th amendment “public use”-Just compensation Government must pay market value-Recent Opinions Kelo vs. New London Court (2005) AZ Bailey vs. City of Mesa Chapter 9 Test Questions The definition of market value in appraisal includes:-Typically motivated parties Which of the following statements is true regarding the sales comparison approach?-Adjustments are made to the sales prices of comparable properties to make them representative of the subject property’s characterstics....
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This note was uploaded on 10/02/2008 for the course REA 380 taught by Professor Gunterman during the Fall '08 term at ASU.

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Lecture Notes 9-18 - -Land use and value Real estate values...

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