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How are property taxes assessed in Maricopa County?

How are property taxes assessed in Maricopa County?

Assessed Value = Full Cash Value multiplied by Assessment Ratio (varies per Legal Class of property per ARS Title 42, Chapter 15, Article 1. For example: 10% for class 3, residential, 20% for 1 & 2P, Commercial (adjustable by year) and 16% for class 2R vacant land)

How much is property tax in Phoenix AZ?

For 2017, the average property tax rate in Phoenix was $678 per $100,000 of home value.

What is property tax based on in Arizona?

Arizona property taxes on owner-occupied residences are levied based on the Assessed Value, not current market value. In Maricopa County the assessment ratio for owner-occupied residential property is 10 percent of Full Cash (market) Value.

What does Maricopa County property tax fund?

▫Property Taxes – tax on real and personal property. These funds are used for the County’s general operations. ▫Grants and payments from other governments ▫Licenses, permits, fees and charges for services – charges to customers receiving licenses, permits or services from the County.

Who determines the amount of property tax in Arizona?

Tax rates are calculated each year by taxing authorities depending on their funding needs and the tax base. That means rates can change annually. However, for owner-occupied homes, the total primary tax rate between all districts is limited to 1% of the property’s limited value.

What county in Arizona has the lowest property taxes?

Pima County collects the highest property tax in Arizona, levying an average of $1,614.00 (0.81% of median home value) yearly in property taxes, while Greenlee County has the lowest property tax in the state, collecting an average tax of $303.00 (0.46% of median home value) per year.

At what age do you stop paying property taxes in Arizona?

65 and older
The American Dream Act AZ proposes the elimination of property taxes for those who are 65 and older. Folks need only prove their age, their Arizona residency and that they use the property as the primary home.

How are property taxes calculated in Maricopa County AZ?

While the exact property tax rate you will pay is set by the tax assessor on a property-by-property basis, you can use our Maricopa County property tax estimator tool to estimate your yearly property tax. Our property tax estimates are based on the median property tax levied on similar houses in the Maricopa County area.

Are there any tax exemptions in Maricopa County?

Maricopa County provides a variety of full and partial exemptions, like exemption for property of widows, widowers and disabled persons, that are subtracted from the assessed value, giving the property’s taxable value.

What is the current property tax rate in Arizona?

The tax rate applicable to each parcel of property is the sum of the state, county, municipal, school, and special district rates. Say that the current tax rate on homes in Maricopa County is 1.3% of full cash value or 13% of assessed value.

Who is the treasurer of Maricopa County AZ?

The Maricopa County Treasurer sends out the property tax bills for local jurisdictions. This includes the county, city school districts, special taxing districts and the state (not just Maricopa County), based on the assessed values and the calculated rates.

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