I really do not like saying this is a “good” thing..but in this odd environment we live in I guess it is a positive. Tax bills will finally START to reflect the true value of homes in Arizona…and in many cases will be adjusted downward.
Since we have had a declining home values of over 50% in many areas…saving a couple of hundred dollars in taxes is at least something!
Here in Arizona, homeowners are taxed through a formula based on two factors: property valuations set by the assessor and tax rates set by dozens of municipalities and other tax jurisdictions including counties, cities, school districts, community-college districts and other special districts
Those jurisdictions determine the actual tax for any given home.
A home that is inside a certain parks district, as an example, may pay higher taxes than an identical home nearby that lies outside district lines. The tax bill is a composite of the taxes assessed by those many different districts.
Other factors can also push a tax bill higher such as local bond issues or voter-approved school-funding increases called budget overrides. These are put in place through ballot initiatives that voters pass.
So…bottom line…you may or may not see YOUR tax bill go down…but at least the assessments are beginning to be more in line with values.
If you are looking for a GREAT agent to help with your real estate need please give me a call at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes and check it out! If you save even one home as a favorite, you will be prompted to enter contact information. If you do this…YOU can create and save as many searches as you would like. It is THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS!!