Arizona Lease to Own for Commercial Property
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How to fill out Lease To Own For Commercial Property?
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FAQ
A lease option allows the landlord to retain the legal title of the lease option property, without the mundane management responsibilities. Lease options are also an ideal way of securing long term tenants. Most lease-options are for an average term of between 7 and 10 years.
Rent received with respect to a residential house, as well as commercial property, is taxable under this head. Even the rent received for letting out your factory building or rent received on land appurtenant to the building, is taxable under this head. The property is taxable on the basis of its annual value.
An Arizona rent-to-own lease agreement is a rental contract that includes an option to purchase the property under pre-negotiated terms. During the lease, the tenant will have all rights under State law. If the tenant exercises their option to buy, the lease should be converted to a purchase agreement.
The assessment ratio for commercial property is 18% of the limited property value (LPV), as determined by the Maricopa County Assessor. The property tax is composed of two rates, primary and secondary.
All payments made by a tenant, or on behalf of a landlord, are taxable.
It is not generally advisable to lease a commercial property without a written agreement. Issues typically arise when the landlord is looking to sell or take possession of the property and evict the tenant.
The state of Arizona does not impose a transaction privilege tax on the rental of commercial property.
How long is a typical commercial lease? Commercial leases are typically three to five years. That guarantees enough rental income for the landlords to recoup their investment.
In Arizona, the commercial property tax remains relatively high despite recent efforts to reduce the business tax burden. The assessment ratio on commercial property, which is part of the tax formula, currently stands at 18%, versus 10% for residential property.
A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.
