Affidavit Of Property Value (Page 3 of 3) in pdf

Affidavit Of Property Value Page 3

By a subsidiary corporation to its parent corporation for no consideration, nominal

consideration, or in sole consideration of the cancellation or surrender to the subsidiary’s

stock.

From a person to a trustee or from a trustee to a trust beneficiary with only nominal

consideration therefor.

To and from an intermediary for the purpose of creating a joint tenancy estate or some

other form of ownership.

10.

From a husband and wife or one of them to both husband and wife to create an estate in

community property with right of survivorship.

11.

From a sole owner to himself and others, or from two or more owners to themselves or to

one or more of them and others, to create an estate in joint tenancy with right of

survivorship.

Any instrument describing a transaction exempted by this section shall bear a notation

thereof on the face of the instrument at the time of recording, indicating the specific

exemption claimed.

DEFINITION OF FAMILY MEMBER

Arizona Revised Statue 42-163(D) provides that a property be classified as rental residential if

the owner intends to rent it for more than 3 months during the next 12 consecutive months to

someone other than a family member. “Family member” is defined as:

A natural or adopted son or daughter of the taxpayer or a descendent of either.

A stepson or stepdaughter of the taxpayer.

The father or mother of the taxpayer or an ancestor of either.

A stepfather or stepmother of the taxpayer.

A son-in-law, daughter-in-law, father-in-law or mother-in-law of the taxpayer.

DEFINITION OF PERSONAL PROPERTY

Personal property is all property other than land and buildings; examples include household

furnishings, mobile homes unless subject to an affidavit of affixture (ARS 42-641.01), machinery

and equipment, inventory, and business licenses.

Affidavit Of Property Value Page 3