Assessor Paul D. Petersen

Maricopa County Assessor's Office

Glossary

Land

Real estate or real property, except improvements.

Land Contract

A contract for sale in which the seller retains title until the buyer completes installment payments for the property. The sale is not recorded until title passes to the buyer. (See also Contract for Deed).

Land Description Systems

Common referred to as legal description, are written descriptions of the physical boundaries of property rights.

Land Premium

The dollar amount added to a property for certain premium conditions, i.e. proximity to a golf course, lake, mountain view, etc.

Land-to-Building Ratio

  1. The proportion of land area to gross building area; typical land-to-building ratios for properties combine land and building components into a functional economic unit.
  2. The ratio of land value to building (improvement) value. Also referred to as Land-to-Improvement Ratio.

Last Sold Date

The date on which a property parcel was last sold.

Law of Variable Proportions

Often called law of decreasing returns or the law of proportionality which states that when the quantity of one productive service is increased by equal increments, the quantities of other productive services remaining fixed, the resulting increment of product will decrease after a certain point.

Lease

A contract between an owner and tenant for the possession of real property that sets forth conditions for occupancy, use, and duration of the tenancy.

Lease Purchase Option Equipment

Equipment acquired via a lease purchase option in which the final payment, if made, transfers title to the lessee.

Legal Description

A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and identified. A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.

Legal Owner

The owner of title, as distinguished from the holders of other interests, e.g., beneficial or possessory interests.

Lessee

One who has the right to use or occupy property under a lease agreement.

Lessor

One who conveys the right to use and/or occupy property under a lease agreement.

Lien

The legal right to take or hold property of a debtor as payment or security for a debt.

Lien Date

The time when taxes for any fiscal year become a lien on property. The assessed value of property as of 12:01AM on the lien date (January 1) governs the tax status for the fiscal year beginning the following July 1.

Limited Property Value

The LPV was created by the Arizona state Legislature in 1980 to restrict increases to property taxes. The LPV cannot exceed the Full Cash Value (FCV). Limitations to the increasing of the LPV occurred in 2012 when the voters approved Proposition 117. Beginning in tax year 2015, the LPV is used to compute both primary & secondary taxes for the maintenance and operation of school districts, cities, community colleges districts, & counties. A.R.S. § 42-13301.

Livable Square Footage

The area within the residence that is designed as living area, normally that which is heated and/or cooled.

Local Multiplier

An adjustment to replacement or reproduction cost new or historical cost, to reflect local costs.

Long-Lived Items

Items that are the basic structure of a building and are not usually replaced during economic life. For example: foundation, roof structure, and framing.

Lot

  1. A distinct piece of land; a piece of land that forms a part of a district, community, city block, etc.
  2. A smaller portion into which a city block or subdivision is divided; described by reference to a recorded plat or by definite boundaries; a piece of land in one ownership, whether platted or unplatted.