Letter Notification Transfer With Immediate Effect In Maricopa
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FAQ
Property classified as Legal Class 4.1 is not listed as a registered rental but still does not receive the State Aid to Education Tax Credit. An example of a property in Legal Class 4.1 is a secondary home.
Legal Classes: 3.2 - Primary Residence of a qualified family member. 3.3 Primary Residence also leased or rented to lodgers. 4.1 - Non-Primary Residence. 4.2 - Residential Rental.
Under A.R.S. 42-13301 the LPV is the limited property value of the property in the preceding valuation year plus five percent of that value.
Property classified as Legal Class 4.1 is not listed as a registered rental but still does not receive the State Aid to Education Tax Credit. An example of a property in Legal Class 4.1 is a secondary home.
42-11001(7) defines limited property value (LPV) as the value determined pursuant to A.R.S. 42-13301 . Under A.R.S. 42-13301 the LPV is the limited property value of the property in the preceding valuation year plus five percent of that value.
You can typically find county property tax rates listed on their website or by calling the county department that manages taxation. Example: If your property tax bill is $3,400 and your county's department of finance tells you the real-estate tax rate is 1%, you can see that your assessed value is $340,000.
FCV is used to calculate taxes for voter approved bonds, BUDGET overrides and certain special districts. Limited Primary Value (LPV) is a legislatively established value based on a mathematical formula that limits the amount of increase in any given year. The two values often are the same.
