Residential Property Leases With Zero Down In Pima
Description
Form popularity
FAQ
Residential rental property must be registered with the County Assessor ing to Arizona law (A.R.S. § 33-1902). The intent of this law is to maintain an accurate record of rental properties so that towns, cities and the county can enforce laws about slums and blight in rental properties.
Individual owners of taxable rental properties are required by law to obtain a TPT license with ADOR regardless if the owners rent the property themselves or employ a property management company (PMC).
Arizona allows a $4,748 Assessed Value property exemption to Arizona resident property owners qualifying as a widow/widower, or a person with total and permanent disability, or a veteran with a service or non-service connected disability.
How do you qualify? To qualify you must meet certain criteria: 1. Property owner (applicant) must be 65 years of age or older.
After January 1, 2025, property owners will no longer be required to collect and remit TPT on residential rental income to the Arizona Department of Revenue (ADOR).
Minimum income requirements are as follows: Monthly income must be 3 times the monthly rent amount. Example: Monthly rent is $800.00 = Monthly income must be a minimum of $2400. Incomes will only be combined if applicants are filing taxes jointly.
Other verifiable income equaling three (3) times annual monthly rent will be accepted if applicant does not have monthly income but has funds available. Verifiable income includes as confirmed by employer, trust officer, tax returns, or other satisfactory documentation as required.
Minimum income requirements are as follows: Monthly income must be 3 times the monthly rent amount. Example: Monthly rent is $800.00 = Monthly income must be a minimum of $2400. Incomes will only be combined if applicants are filing taxes jointly.
In order to be a landlord in Arizona, there are certain licenses and permits that you need to obtain. This includes a business license and a residential rental license from the City of Phoenix. These licenses are essential to ensure compliance with local regulations and to legally operate your rental property.
The Senior Valuation Protection program enables qualified seniors to have their Limited Value frozen, which is the basis for all property taxes, frozen in 3 year increments to protect against the potential of an increasing real estate market.