Phoenix, AZ – September 6, 2010 – (RealEstateRama) — Phoenix property owners will soon receive this year’s property tax assessments in the mail and the average Phoenix homeowner will pay a lower tax bill to the city. Phoenix’s property tax rate is $1.82 per $100 of assessed value. This rate has not changed in 14 years.
As a result of maintaining the combined $1.82 rate and a decline in property tax values, the total amount of property tax revenue paid by residents to the city will be reduced by 40% over the next two years. For example, a homeowner with a home valued at $200,000 by the County Assessor’s Office in 2009 currently pays about $364 per year, or just over $30 per month in property taxes to the city.
Due to decreases in property tax values and as a result of the City Council actions, that homeowner will see their Phoenix property tax bill reduced by $88 in 2010-11 and $58 in 2011-12.
“As families struggle through an economic decline that has hit the nation, Phoenix is preserving essential services like police and fire and lowering the tax burden on our residents,” said Mayor Phil Gordon. “When they receive their property tax assessments, the Phoenix portion will be lower this year and next year.”
Property taxes are comprised of two separate levies—primary and secondary. The primary portion of the property tax supports the city’s General Fund and pays for city services such as police and fire protection, parks and recreation programs, libraries and community centers. The secondary portion of the property tax is used to pay for bonds.
Sina Matthes 602-534-6648