By David Baker | AZ Family
PHOENIX (3TV/CBS 5) — Maricopa County is looking to give homeowners some relief as inflation continues to soar. The Board of Supervisors gave initial approval to the 2023 fiscal year budget, which includes dropping the property tax rate. It would lower the rate to 1.25 or $125 on a $100,000 home. The current rate is about 1.35, which is the fifth-lowest among Arizona’s 15 counties. “The Phoenix metro area has gone from one of the most affordable in the country to one of the hardest hit by inflation. Our goal with this budget is to provide some relief to individuals and families dealing with rising costs,” Board of Supervisors Chairman Bill Gates said in a statement.
The county also said it’ll use “hundreds of millions of dollars” in American Rescue Plan money to help those in need. The board also said it plans to take advantage of lower interest rates to pay down the pension debt and invest $500 million into retirement systems for law enforcement employees. “I’m pleased that we are taking a long-term view of the county’s financial health while also making targeted investments that help people who need it most right now,” said Supervisor Jack Sellers. “Pension debt has been an issue for years, not just in Maricopa County but everywhere, and this aggressive move to pay off debt sooner will benefit both residents and retiring staff.”