by Mark L. Manoil
List of Appendices
List of Illustrations
Preface
Chapter 1
Introduction to Arizona Property Tax Liens
Chapter 2
Overview of the Property Tax Lien Sale Process – Beginning to End
2.1 How The Process Works
2.2 A High Priority Lien
2.3 Redemption, Investment Payoff
2.4 Subtaxes
2.5 Foreclosure
Chapter 3
Risks of Arizona Property Tax Lien Investing
3.1 Liquidity Risk
3.2 Property Risks
3.2.1 Inadequate Security
3.2.2 Environmental Liability
3.3 Property Owner-Related Risks
3.3.1 Owner's Bankruptcy
3.3.2 Owner’s Military Service
3.3.3 Foreign Owner
3.4 Tax Lien Process Risks
3.4.1 Other Liens
3.4.2 Government Property or Other Exempt Property
3.4.3 Administrative Inefficiency
3.4.4 Administrative Expense
3.4.5 Litigation Expense
3.4.6 Uninsurable Title
3.4.7 Legislative Changes
3.4.8 Success
Chapter 4
Background – Functions of County Government Offices
4.1 Assessor's Office
4.2 Recorder's Office
4.3 Treasurer's Office
Chapter 5
State's Authority to Assess Taxes – Preparation for Lien Sale
5.1 Lien Attachment and Priority
5.2 Nature of Property Tax Liability and Collection Dates
5.3 Notices to the Property Owner
Chapter 6
Pre-purchase Investigation ("Due Diligence")
6.1 Due Diligence Depends on Investment Preference
6.2 Research Tools
6.2.1 Assessment information.
6.2.2 Recorder's Office
6.2.3 Treasurer’s Office
6.2.4 Bankruptcy Court
6.2.5 RTC and FDIC
6.2.6 Sources of Property Information
6.2.7 Market Information
6.3 Time as a Resource
Chapter 7
Tax Lien Sale
7.1 Sale Process - Auction and Assignment
7.2 Bidding and Payment
7.3 "Registered" Certificates
7.4 Transfer and Replacement of the Privately-Held CP
7.5 Sales in Error
Chapter 8
Treasurer's Records – Subsequent Taxes
8.1 Paying Subsequent Delinquent Taxes
8.2 Summary of first year's investment
8.3 Liens not sold at auction
8.4 Sub taxes - separate certificates
8.4.1 Opportunities Presented by the "Single-Certificate Rule"
8.4.2 Threats Presented by the "Single-Certificate Rule"
Chapter 9
Redemption Rights and Procedure
9.1 Redemption Timing
9.2 Redemption Payment and Redeemer’s Identity
9.3 Obtaining Redemption Proceeds
9.4 IRS Right of Redemption
Chapter 10
Judicial Foreclosure of the Right to Redeem
10.1 30 Day Notice of Intent to Foreclose
10.2 Deed in Lieu of Foreclosure
10.3 Jurisdiction and Venue
10.4 Identifying and Serving Interested Parties
10.5 Defendants Requiring Special Treatment
10.5.1 Foreign Nationals
10.5.2 Soldiers and Sailors
10.5.3 Owners Under Disability
10.5.4 Federal Deposit Insurance Corporation
10.6 Judgment Foreclosing Right to Redeem
10.7 Deed Issuance
10.8 Attorney’s Fees and Costs Upon Redemption
10.9 IRS Redemption Rights
Chapter 11
Administrative Foreclosure of the Right of Redemption
11.1 Timing and Process
11.2 Insubstantial Failure to Comply
11.3 Redemption After Commencement of Administrative Foreclosure
11.4 Obtaining Title Insurance on the Administrative Deed
Chapter 12
Taking Care of Business - Measuring Performance of Tax Lien Investments
12.1 What’s Invested?
12.2 Estimating CP Accrued Interest
12.3 Liens Purchased on Assignment
12.4 Finding Internal Rate of Return
12.5 Measuring IRR on a Tax Lien Portfolio
12.6 Income Tax Reporting
Chapter 13
Alternative Forms of Tax Lien Investing:
For the Time-Challenged and the Entrepreneurial
13.1 Pooled Investment Funds
13.2 Investment Advisors
13.3 What to Expect/Require of an Agent
Chapter 14
Sale of State Tax Deeds
14.1 List Preparation and Advertising
14.2 Tax Deed Sale Process
Chapter 15
Conflicts in Lien Priority and Other Issues
15.1 Federal Tax Liens
15.2 Property Tax Liens for Different Tax Years
15.3 Other Local Property Tax and Assessment Liens
15.4 Tax Liens on Property Seized by Law Enforcement Officials
15.5 Tax Liens on Property Transferred to the State or a Political Subdivision
15.6 Easements Protected from Extinguishment in Foreclosure
15.7 Tax Liens, Treasurer's Deeds vis-à-vis Adverse Possession
Chapter 16
Lien Status With Owner of Record or Other Lien Holder in Bankruptcy
16.1 Effect of the Automatic Stay
16.2 Requesting Lift-Stay or Abandonment
16.3 Payment Plans and Other Impositions/Limitations
16.4 Chapter 7 Threats to the CP Holder’s Investment
Chapter 17
Treasurers Survey and Secondary Research Opportunities
17.1 State of Arizona Resources
17.2 County and Local
17.3 Federal Resources
17.4 Commercial Resources
17.4.1 Property Data Services
17.4.2 Aerial Photography
17.4.3 Maps
17.4.4 Title Companies
17.4.5 Trade Associations
Appendices
Index
[About the book] [Contents] [Illustrations] [Appendices]
Copyright 2002 Mark L. Manoil, All Rights Reserved
last rev 02/01/2009