Everyone is familiar with the saying “What you don’t know can hurt you” well in this case, what you don’t know may COST you! There are many laws and requirements associated with owning a phoenix rental property and one such is the requirement to register all rentals with the Maricopa County Assessor’s office. Luckily it is a pretty easy process in which you complete their form which can be found on their website and mail along with a check for $10.00. You will need your parcel number which can also be found on their website and if you live outside of Arizona you will need a Statutory Agent. Some phoenix property management companies include being your agent with your services.
Now if you fail to register your residential rental property with the Assessor’s office, “the city or town may impose a civil penalty in the amount of $150 per day for each day of violation”. Additionally, the tenant at your property can legally terminate the lease with ten days notice and you would be required to return all pre-paid rent to the tenant.