Some homeowners can get property tax relief as housing values continue to shoot up because of a lack of availability in the Valley. For seniors, the Arizona Department of Revenue has tax credit …
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Some homeowners can get property tax relief as housing values continue to shoot up because of a lack of availability in the Valley.
For seniors, the Arizona Department of Revenue has tax credit programs to take advantage of as tax season rolls around this year.
According to its website, some residents 65 or older can be eligible for the property tax refund claim from the Arizona’s revenue department.
Qualified individuals can claim a refundable income tax credit for taxes paid on property in Arizona that “is either owned by or rented by” the taxpayer. The Form 140PTC provides a tax credit of up to $502, the website said.
“Arizonans, whose income level is below minimum threshold limits and not required to file an individual income tax return or are seniors who own a residence may still be eligible for state tax benefits by submitting two forms available through the Arizona Department of Revenue.”
Rebecca Wilder, communications director at the ADOR, said she was unaware of other property tax programs outside of the revenue department’s website.
“If there are other programs that are private, I don’t have that information,” Wilder said. “... The specific details of each program, such as the number of individuals who signed up, are taking advantage of the programs, and the breakdown of that information between the county and city would have to be obtained from each county’s assessor’s office. We do not have that detail.”
In Arizona, all homeowners get a bit of a break when it comes to property taxes without any state tax credits.
Property taxes in the state cannot go up more than 5% each year based on Proposition 117, an initiative voters passed in November 2012.
Prop. 117 went into effect in 2015. In other states, such as Texas, property taxes can go up by higher percentages, according to Matt Roach, property tax expert at Collier’s in Phoenix.
“Arizona taxes just can’t jump over night,” Roach said. “...Taxes can’t keep up with the appreciation that’s occurring.”
Roach said the median price for a resale home is $435,000, but home values have “steadily” increased every year since 2010. Last year, home values went up by 23% in Maricopa County, Roach said.
The Valley’s housing supply remains near historically tight levels and home prices have remained high because of a lack of inventory.
For new homes, Roach said homeowners can expect to pay more than their neighbor for property taxes. He said the county is more aggressive in attempting to “closely simulate what the current market value is” because the property has not been fully assessed.
Typically, Roach said, the county will assess new homes at significantly higher values than older homes.
For older properties, he said, the county cannot go above the 5% threshold — unless there are “substantial improvements” done to the property or there is a change of use for the property, he said.
“Assessing values on something brand new is much higher property tax than something that’s older,” Roach said. “...There is a big disparity between new versus old properties.”
Still, a few hundred dollars more in property taxes can hinder residents who are on a fixed income.
“It’s such a heavy burden,” Roach said.
For information on tax credits, visit https://azdor.gov/forms/property-forms/senior-property-valuation-protection-option and www.azdor.gov/Forms/Individual.
Brent Ruffner Lead News Reporter | Daily Independent @AzNewsmedia
Journalism has fascinated Brent Ruffner since junior high school.
Since 2001, his stories have been published in newspapers from the Albuquerque to the Arizona and he has always had a knack for making sure his facts are right and his words are to the point.
Growing up, Brent watched as sports reporters covered his beloved Phoenix Suns, a team he followed since Charles Barkley first arrived in Phoenix via trade in 1992. Sports reporting was a dream back then.
But after gaining some writing experience, Brent found a love for news instead of covering different types of sports. In 2008, he moved to New Mexico and covered crime, schools and city beats all while holding elected officials accountable.
He covered stories that ranged from a DEA drug bust gone bad to an award-winning story on school lunches.
In Arizona, Brent was a freelance writer who covered everything from the importance of citrus in the state to Esteban owning a store in downtown Prescott.
Brent is a 2007 graduate of the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.
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