Things like school district, city, and county will factor into the equation, as well as homes in special districts. Property tax falls into two categories, primary and secondary, which are combined into one single fee. Primary tax rates, which typically account for the majority of property tax rates, are used to fund governmental bodies like school districts, municipalities, community colleges, and counties.
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Secondary taxes provide revenue for things like bond issues to fund major projects, special districts, infrastructure investment, and school budget overrides. These tax breaks do not apply to rental properties, vacation homes, or second homes. See your tax professional for details on these tax deductions.
Families, retirees, and luxury homeowners can benefit from the tax cap, which keeps taxes steady and predictable from year to year, even when home values soar. If you have decided on purchasing a luxury home in the Phoenix or Scottsdale area, it is a good idea to get in touch with a top Phoenix realtor who can guide you through the process and provide you with all the information you will need to make an informed purchase.
Property Tax | Arizona Department of Revenue
Thomas Osterman has almost two decades of experience helping clients purchase high-end luxury homes in the Phoenix area. Give him a call today at and enjoy a personalized buying experience. As a top Phoenix realtor , he can help you negotiate the best purchase price on the luxury home of your dreams. Scottsdale P. Thomas Osterman, a leader within the Phoenix area real estate community since , has been assisting clients with their home purchasing and selling needs.
Due to his master negotiation skills, Thomas will ensure that you receive the outcome you desire and the home you deserve. The Full Cash Value figure is the closest thing to a current market value determination by the county, and it represents the value of the land plus supposedly any and all improvements structures to the property.
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Bear in mind, however, that this figure is arrived at exclusively through public record search. No appraiser comes to your house to value recent improvements, verify square footage, etc. Non-accounted for additions, wildly inaccurate square footages and omission of swimming pools are public record bugaboos that immediately come to mind as repeat offenders. Once Full Cash Value is assigned, dubious as it may be, that figure is multiplied by the Assessed Value Ratio to arrive at the Assessed Value the number that causes fainting spells across the Valley.
Once Assessed Value is determined through that formula, it is in turn multiplied by the current tax rate to determine the total taxes owed for the upcoming cycle. Confused yet? So is nearly every homeowner and buyer in Scottsdale. Using the formula outlined above:.
Maricopa County rejects most tax appeals
For Sale For Sale. Foreclosures Foreclosures These properties are currently listed for sale.