A lot of Arizona residents will be pleased when they receive their property tax statements in their mail as these obligations are reportedly lower than the previous year. The lower tax bills are mainly caused by declining property values in the state, which have been attributed to the huge supplies of bank foreclosed and handyman special homes for sale.
According to local reports, the 2010 tax assessments have finally taken into consideration the high number of foreclosures in the state, including Maricopa foreclosed homes, which caused values of dwellings to plummet. The average assessment has reportedly declined by 3.7% when compared with 2009 rates.
However, not all local municipalities will be as lucky as some as there are still local districts that will receive the same property tax statements, while others will be taxed higher than last year despite being affected by the thousands of foreclosed homes in Arizona. State officials have revealed that areas with budget shortfalls will likely have higher or similar tax bills.
Home value assessments are conducted every year and state property taxes based on a particular year's assessment are released one and a half year later. This means that the 2010 assessments are based on 2008 property valuations received by homeowners. Values of properties during that time suffered from huge numbers of bank foreclosed and handyman special homes for sale, causing property rates to decline by an average of 23%.
Some homeowners have questioned the higher bills they received, arguing that this should not be the case as their houses have declined in value due to the huge number of properties under home foreclosure listings in their areas. However, local officials have stated that this is due to increased spending by their local governments that are usually caused by budget shortage.
They also explained that property tax rates are based on various factors. For example, it is possible for houses located in certain district lines to pay higher property taxes than other homes of similar types that are located in a nearby land.
Officials have also added that, despite similarity in home types and locations, district lines often affect the rates of taxes. Although the number of foreclosed properties and handyman special homes for sale may play a role, rates set by municipalities are often the bigger influence.
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