Assessor Paul D. Petersen

Maricopa County Assessor's Office

Glossary

Tax

A compulsory contribution legally exacted from persons, corporations, and other organizations by a government, for the support of government and the maintenance of public services.

Tax District

A political subdivision of one or more assessment districts where a governmental unit has the authority to levy taxes.

Tax Exempt Amount

The total amount of tax exemption (tax savings) that is being applied to the property.

Tax Levy

The total amount of money a taxing jurisdiction needs to raise through property taxation.

Tax Rate

A measure of tax liability expressed as a dollar amount for each one hundred dollars of property net assessed value (Arizona does not use mills, which are per one thousand dollars.) Arizona has both primary and secondary tax rates, applied using primary and secondary net assessed values, respectively. The two rates cannot be added together unless the primary and secondary values are the same.

Taxation

The right of government to raise revenue through assessments on valuable goods, products, and rights.

Taxpayer

One who pays or is liable for a tax.

Tenancy

  1. The holding of property by any form of title
  2. The right to use and occupy property as conveyed in a lease.

Tenancy in Common

An estate held by two or more persons, each of whom has an undivided interest.

Tenant Improvements

Improvements made by the tenant/lessee.

The Property Classification

Is mandated by State Law and is based on the use of your property. Different classes of property are taxed at different rates established by the State Legislature.

Time Adjusted Sales

Sales prices collected in one time period factored to approximate sales prices in another time period for comparison or statistical purposes.

Time Value of Money

The principle that an amount of money anticipated as income in the future is always worth less than an equal amount in hand at the present time.

Time-Adjusted Sale Price

The price at which a property sold, adjusted for the effects of price changes, as reflected by the market between the date of sale and the date of analysis.

Title

The combination of all elements that constitute proof of ownership.

Townhouse

A single family, attached dwelling unit with common walls with common area facilities owned either as an undivided interest by the lot owners or by a homeowners' organization. Resembles a condominium unit but is not created under A.R.S. Title 33.

Township

An approximately 36 square mile division of land employed in the Rectangular Land Survey System. Townships are bounded by two successive Range Lines on the east and west and two successive Township Lines on the north and south.

Township Lines

Lines in succeeding six mile increments on either side of a Base Line.

TR

Trustee.

Tract

A parcel of land; an area of real estate that is frequently subdivided into smaller parcels.

TRS

Trustees.

Trust Deed

A document similar to a mortgage which conveys title to a trustee for the benefit of some other person named in the document.

Trustee

A person who controls legal title to a property under a trust agreement.