Arizona Property Taxes — Home Value Appraisals — Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
There is a myth that Arizona is a low-tax state. According to the Tax Foundation, Arizona actually has a state and local tax burden slightly above the national average. At least 17 states have a maximum personal income tax rate lower than Arizona's. For complete article click Arizona Property Tax
Arizona Property Home Property Taxes Arizona Property Tax Appeal and House Appraisal tutorial on home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal. Other books offer lot's of advice but not easy to follow actual examples for all valuation categories. Nothing comes close to this how to manual. Go to your local book shop or Barnes & Noble.com Bestsellers and see if you can find one. We're betting you can't.
Assessors in Arizona use computerized systems to value single family residential property for property tax purposes. The assessors use the "Replacement Cost New Less Depreciation" technique as well as the "Sales Analysis" technique. The cost method is used when adequate home sales information is not available to the assessors, so they report.
Arizona Personal Property Manual (Available at no charge)
The Personal Property Manual contains information regarding the identification and valuation of locally assessed personal property, taxpayer reporting requirements, home valuation tables, and descriptions of the methods of making value adjustments that are used in the assessment of many kinds of personal property. The manual describes a wide variety of personal property items, including information on the identification and valuation of mobile home and manufactured housing units. An explanation of the personal property appeal process (which differs in some respects from the real property appeal process) is also included at http://www.revenue.state.az.us/property/4sale.htm
• Arizona taxes personal property. Personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.
• Personal property taxes are due on Oct. 1. If the tax amount is over $100, one-half is due on Oct. 1 and the remainder due the following March 1. One-half of the amount of the taxes that are unpaid is delinquent after Nov. and the remaining half that is unpaid is delinquent after May 1. Read more here.
Home Property Valuation Exemptions
DISABILITY EXEMPTION
In order to qualify for the property tax exemption for disabled persons, a person must be totally and permanently disabled, either physically or mentally, resulting in that person's inability to engage in any substantial gainful activity. The disability must be expected to last for a continuous period of not less than 12 months. The person must be certified as totally and permanently disabled by a competent medical authority.
SENIOR PROPERTY VALUATION PROTECTION OPTION
for the “freezing” of the valuation of the primary residence of those seniors who meet all of the following requirements:
1. At least one of the owners must be sixty-five years of age at the time the application is filed. A copy of proof of age must be submitted.
2. The property must be the primary residence of the taxpayer. For purposes of this application “Primary Residence” is defined as the residence which is occupied by the taxpayer for an aggregate of nine months of the calendar year.
3. The home owner must have resided in the primary residence for at least two years prior to applying for the option.
4. The home owner(s) total income from all sources, including non taxable income, cannot exceed the amount specified by law.
Arizona income taxes
• Arizona collects income taxes in five tax brackets: 2.87 percent, 3.20 percent, 3.74 percent, 4.72 percent and 5.04 percent
Sales Tax
• The state sales tax on most retail sales is 5.6 percent (food and prescription drugs exempt). All counties and some cities levy a sales tax that could bring the combined tax rate to 10.7%. Gasoline Tax: 18 cents/gallon
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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