This form may be used to distribute the real estate of a decedent when the value of all the real estate owned by the decedent in Arizona doesn't exceed $100,000. Please see form AZ-ET10 for distribution of the personal property in a small estate. An affidavit of property value in Arizona is a legal document that provides an estimate of a property's value. It is prepared by a licensed appraiser or certified assessor and is usually required during real estate transactions, especially when a property is being sold, refinanced, or transferred. This affidavit is significant as it ensures that the property is appraised fairly and accurately, protecting both the buyer and the lender. The Arizona Department of Revenue has defined two main types of affidavits of property value: 1. Residential Affidavit of Property Value: This type of affidavit is used for residential properties, including single-family homes, townhouses, and condos. It requires detailed information about the property, such as the location, square footage, number of bedrooms and bathrooms, and any recent improvements or renovations. The appraiser assesses the property's value based on comparable sales in the area, reviewing recent sales of similar properties. The affidavit should also include the appraiser's license number, signature, and date of valuation. 2. Commercial Affidavit of Property Value: This affidavit is used for commercial properties, which include office buildings, retail spaces, industrial warehouses, and multi-unit residential properties. It requires more complex analysis due to the varied nature and income potential of commercial properties. The appraiser considers factors like market demand, rental income, operating expenses, and future growth potential while determining the property's value. Similar to the residential affidavit, it includes the appraiser's license number, signature, and the date of valuation. Both types of affidavits require up-to-date and accurate information to ensure their validity. They must be used in compliance with Arizona's real estate laws and regulations, which may vary depending on the county or municipality. It is imperative that all parties involved in the property transaction thoroughly review and understand the contents of the affidavit of property value to ensure a fair and lawful transaction.
An affidavit of property value in Arizona is a legal document that provides an estimate of a property's value. It is prepared by a licensed appraiser or certified assessor and is usually required during real estate transactions, especially when a property is being sold, refinanced, or transferred. This affidavit is significant as it ensures that the property is appraised fairly and accurately, protecting both the buyer and the lender. The Arizona Department of Revenue has defined two main types of affidavits of property value: 1. Residential Affidavit of Property Value: This type of affidavit is used for residential properties, including single-family homes, townhouses, and condos. It requires detailed information about the property, such as the location, square footage, number of bedrooms and bathrooms, and any recent improvements or renovations. The appraiser assesses the property's value based on comparable sales in the area, reviewing recent sales of similar properties. The affidavit should also include the appraiser's license number, signature, and date of valuation. 2. Commercial Affidavit of Property Value: This affidavit is used for commercial properties, which include office buildings, retail spaces, industrial warehouses, and multi-unit residential properties. It requires more complex analysis due to the varied nature and income potential of commercial properties. The appraiser considers factors like market demand, rental income, operating expenses, and future growth potential while determining the property's value. Similar to the residential affidavit, it includes the appraiser's license number, signature, and the date of valuation. Both types of affidavits require up-to-date and accurate information to ensure their validity. They must be used in compliance with Arizona's real estate laws and regulations, which may vary depending on the county or municipality. It is imperative that all parties involved in the property transaction thoroughly review and understand the contents of the affidavit of property value to ensure a fair and lawful transaction.
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