Condo Common Elements For Sale In Maricopa
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FAQ
1. Property owner (applicant) must be 65 years of age or older. 2. The property must be the primary residence of the property owner and must have lived there for at least 2 years.
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.
However, certain changes, such as new constructions or additions, parcel splits or consolidations, or changes to a property's use trigger a reassessment of the LPV.
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.
The Assessor's office re-values your property each year based on the sales market and the improvements on the parcel. The Assessor's office re-values your property each year based on the sales market and the improvements on the parcel.
Assessed value = Property tax bill x (100 / Tax rate) 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.
