By Brian Wright, Maricopa Monitor
Property taxes, home values, assessed values.
For most people, it’s a complex and confusing mess of numbers.
The Pinal County Assessor’s Office mailed its 2015 notice of value statements to homeowners late last month, but what those statements mean isn’t always clear.
According to a press release from the Assessor’s Office, home prices increased across the county last year, and as a result, many people may see an increase in their assessed valuations.
But what people really care about is: How much will I be taxed?
The current tax system changes next year due to Proposition 117, and that means all property taxes will be based on limited property value instead of full cash value, also referred to as market value.
“If there’s dramatic increases in market value, the limited (property value) will go up slower,” said John Ellinwood, the county’s chief deputy assessor.
That’s because in most cases, the limited property value can’t increase more than 5 percent each year once Proposition 117 takes effect, which it’s pegged to do in less than nine months. Ellinwood said the full cash value is the market value of a home, as determined by the Assessor’s Office.
Also starting in 2015, primary and secondary property taxes will be applied to the limited value; currently, secondary taxes are applied to the market value.
Primary taxes include county and school taxes, while secondary taxes include fire districts and other taxing authorities.
There are 145 total taxing authorities in Pinal County, so while people may blame the Pinal County Board of Supervisors for the tax rates, Ellinwood said the board is responsible for less than half of the rates.
To further discuss property taxes or to discuss a tax appeal for your property, please contact Rose Law Group attorney, Evan Bolick at ebolick@roselawgroup.com
