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AZ Property taxes explained

HI,

We are almost to the end of September, and property taxes for the first half of this year are due the first of October.  Considering this, we thought we would provide a little primer on Arizona property taxes. We won't try to give you an idea of how they are assessed, as it is a strange and complicated formula, but the following timeline will help you avoid any penalties.  Don't forget that if you include your taxes in your monthly mortgage payment to be paid through escrow, you won't have to make these payments as described, but you should know the process anyway.

Annual tax statements are issued in the fall of the current year and billed for the calendar year.  They may be paid in two installments dated as follows:

First half due October 1, delinquent November 1
Second half due March1, delinquent May 1.

More detail for better understanding.

January 1 - Current taxes become a lien that is not yet payable.  This is also the first day that you can file an exemption with the Assessor's Office

January 31 Assessment notices are sent to every property owner on or before January 31 every year.  This notice includes assessed value, full cash value, classification (residential classes and commercial classes) and assessment ratio (varies according to classification).

February - No specific date here, as you have 45 days from receipt of your tax notice to file an appeal with the Assessor's Office if you feel that the values are excessive or that the violate the limitations of increases.

February 28 - Last day to file exemptions

March 1 - Second half taxes for the previous year are due and payable.  Taxes are paid in arrears.  Although you received your tax notice in January, you won't actually receive the bill until later in the year.   

May 1 - Second half taxes for the previous year are delinquent.  Interest and penalties will be assessed on delinquent payments

September - Tax statements (bills) will be mailed starting in Mid September.  This is your bill for taxes owed and should correspond to the notice received earlier in the year.  If you are making payments to escrow, you will not need to make the March and October payments, your lending institution will.  You should receive an escrow statement from your lender outlining payments made on your behalf as well as a history of your payments to escrow.

October 1 - First half of the current year taxes are now due and payable.  You may pay for the full year at this time if you wish.

November 1 First half of current year taxes are now delinquent.

The county treasurer will not be held responsible for payments made on the wrong property.  You can avoid this problem with a couple quick checks:

Always check the property description on your tax statement;
Always provide your parcel number when making payments or inquiries at the treasurer's or assessor's office.  To help with this, you can find your parcel number on the paperwork you receive from the title company when you purchase(d).

For more info, check out the following links:

www.treasurer.maricopa.gov

www.maricopa.gov/assessor

As always if you would like to utilize our services and expertise in the purchase or sale of a home, please contact us.  We will be happy to assist you.

Adam Tarr, ABR, e-Pro
Sharon Kotula, ABR
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333
info@WeAreAZRealEstate.com

www.WeAreAZRealEstate.com

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