What To Know About Property Taxes In Arizona
Low But Not Zero
Arizona Property Taxes are based on where a home is located.
Your Real Estate Agent will be able to tell you what the current Arizona Property taxes are on a home. For Pima County Property Taxes, Realtors can “look up” the tax history and current tax amounts.
The Arizona Property taxes on a residential home is the sum of the state, county, municipal, school, and special district rates.
Quick Searches for Tucson Homes for Sale
The Average Property Tax Rate
The average tax rate on a home in PIMA County will be approximately 1% of market value. Or 10% of “Assessed Value”. Tucson home Assessed Value will be about 10% of the market value.
For example, a home has a Full Cash Value (Market Value) of $350,000. The Assessed Value would be 10% for the Full Cash Value or Market Value. That would be $35,000. Property taxes will typically be 10% of the Assessed Value.
With that in mind, one can estimate their Property Taxes at roughly 1% to 1.5% of the Full Cash or Market Value. For a home with a $350,000 market value, property taxes would be about $3,500 to $4,500 per year.
You can find the Assessed Value of a home in PIMA County on the PIMA County Assessor website. Also, you can see the property tax on any Tucson home for sale by using our MLS Tucson home search.
The Full Cash Value is lower than the current Market Value. About 20% lower. Some of this may be timing. Some of this may be due to rounding by the Pima County Tax Assessor’s office.
Real Estate Transactions Are Reported
By law, Real Estate transactions must be reported to the Pima County Tax Assessor. And include the price paid for the Tucson Home.
To estimate the Arizona property tax of a home you are thinking of buying, use the current market value of the home. Multiply that value by 1%. It is likely the actual PIMA County property tax bill will be less than the estimated amount. There have been exceptions to this during the recent real estate market melt-down.
Each year, the Assessor will send an updated assessment of the value to the owner. Property taxes are based on the assessed value of a home. The Assessor’s Office utilizes a combination of factors and information to determine the assessed value.
The information used will include previous sales in the neighborhood, distance from major intersections or areas zoned differently, topography, view, livable square footage, lot size and components, and more.
The actual valuation is determined by a computer analysis of the information collected. Should a property owner disagree with the assessed value of their home from the Assessor, the homeowner may appeal.
All Arizona property taxes are collected in arrears. The PIMA County Treasurer sends a semi-annual bill to the homeowner. If there is a mortgage on the home the tax bill will be sent to the mortgage servicing company. That assumes an impound account as been set up to pay property taxes.
To Be Clear
The Assessor determines the value of a home or property. The PIMA County Treasurer actually bills you for payment of the property taxes. One more thing. The Pima County Assessor’s Office classifies residential property differently based on use. The specific classification affects property taxes on the home. For more…HERE!
Disclaimer All tax information provided herein is subject to change without notice.
Each person should check with their Tax Professional for Fully Informed & Qualified Advice.
For more information about Arizona Property taxes, visit the Arizona Department of Revenue website and PIMA County Assessor website.
Conclusion
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