Many overlapping jurisdictions may have authority to tax the same property. These include counties or parishes, cities and/or towns, school districts, utility districts, and special taxing authorities which vary by state. Few states impose a tax on the value of property. The tax is based on fair market value of the subject property, and generally attaches to the property on a specific date. The owner of the property on that date is liable for the tax.
Many jurisdictions may have jurisdiction over the same property. County or parish governments, cities and towns, school districts, utility districts, and special taxation agencies differ by state. Only a few states levy a tax on the value of real estate. The tax is calculated based on the subject property’s fair market value and is applied to it on a certain date. The tax is payable by the owner of the property on that day.
What are the average property taxes in Arizona?
The assessor usually notifies the last known property owner of the valuation determination after it is made. The determined tax amount may be included in such mailings. After then, the property owner has the option to protest the value. Property values are usually subject to evaluation by a board of review or equivalent organization, in front of which a property owner can challenge decisions.
Property tax invoices or notices are delivered to property owners when the valuations are decided. The length of time it takes to receive payment and the terms under which it is made vary greatly. If a property owner fails to pay the tax, the taxing jurisdiction has a variety of collection options, including property seizure and sale in certain situations. Property taxes are a lien on the property that transferees are also responsible for.
- Avg. property taxes paid: 0.67% of home value
- Per capita property taxes: $1,099 (17th lowest)
- Median home value: $241,100 (19th highest)
- Homeownership rate: 64.8% (13th lowest)
- Median household income: $59,246 (24th lowest)
Every year, Arizona homeowners pay an average of 0.67 percent of their property value in taxes, making it one of the lowest effective property tax rates in the country. Arizona, like many other states with low effective property tax rates, is significantly reliant on federal funding.
Check Your Property Tax in the State of AZ
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