March
29, 2002 - Treasurers' Legislation Advances
to House; Other New Developments
By Mark L. Manoil, Phoenix
House Assigns Treasurers' Bills to Committee.
Senate Bills 1040
and 1041
have been assigned to Committees for hearing in the State House. As
explained in our February
1, 2002 Alerts, these Bills would provide for authority to the
Treasurers to force assignments of earlier year CPs when a later year lien
purchaser buys the most recent delinquent tax, and would create a statute of
limitations on tax liens. If you are concerned about the effects either or
both Bills might have on your investment activity, you are encouraged to
contact the members of the House Ways
and Means Committee and the Counties
and Municipalities Committee in advance of their hearings. The Chair of
the Counties and Municipalities Committee, Representative
Linda Binder, is a primary co-sponsor on both Bills. Her phone number at
the Legislature is (602) 542-5413.
Another Bullet Dodged? We recently became aware of
another Bill introduced this legislative session that would have affected
tax lien investments in Arizona. As originally introduced, Senate
Bill 1201 would have decreased the interest on property taxes provided
in A.R.S. §
42-18053
from 16% to prime plus 2%. Recently, however, the Senate Committee on
Finance amended the Bill by striking it completely and replacing it with a
measure that would retroactively provide extensions for proposing and
assessing federal tax deficiencies based on consents filed by homebuilders.
Now the Bill has nothing more to do with property taxes. It is worthy to
note, however, in case its sponsors, Senators Bundgaard
and Bennett,
resurrect this idea in the future. The fiscal
analysis of the bill predicted that it might incentivize taxpayers not
to pay their property taxes, leading to higher delinquencies, while it would
probably lead to less purchasing by tax lien buyers, thus potentially
creating a fiscal squeeze at the local level.
The Tax Lien Primer Website Has Moved. Due to the
failure of Excite's @Home service, the Arizona Property Tax Lien Primer
website has moved to http://members.cox.net/manoil.
Arizona Property Tax Liens: Guide to Profit, Protection and
Prosecution (the ultimate reference, as local
restaurateur Jack Durant used to say, "in my humble opinion") is
scheduled for publication in May, 2002. The 280+ page Guide is packed with
examples of successful investing techniques, details of how the tax lien
sale and foreclosure system works in Arizona, with citations to pertinent
legal authority, and useful checklists and forms. Please take a look at the table
of contents, the list
of illustrations and list
of appendices from the book at http://members.cox.net/manoil/newbook.htm.
Special pricing applies to paid orders received on
or before April 15th!!
Mark L. Manoil
Carson Messinger Elliott Laughlin & Ragan, PLLC
3300 North Central Avenue, 19th Floor
Phoenix, AZ 85012
602-264-2261
Arizona Property Tax Lien Primer: http://members.cox.net/manoil
The information presented in this communication
is not intended as legal advice, nor does this communication establish an
attorney-client relationship. The opinions expressed are those solely of Mark
Manoil, unless otherwise noted. I specifically disclaim any liability for any
reader's detrimental reliance on the information and views presented herein. If
you need professional advice, please contact a competent professional.
© 2002
Mark L. Manoil
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