By Jay Taylor | InMaricopa
The city council voted Tuesday to approve a reduction in the city’s property tax rate, the third year in a row such a reduction has been approved. Interim Mayor Vincent Manfredi pulled the measure from the consent agenda so staff could better explain some language in the resolution. [Bryan Mordt]
The property tax rate for city taxpayers will fall for the third consecutive year, though many homeowners will pay more in taxes overall due to rising home values.
The rate cut approved Tuesday by Maricopa City Council lowers the primary property tax rate from 4.37% per $100 of assessed value to 4.17%. The secondary rate was reduced from 0.88% to 0.84%.
Lower primary and secondary property tax rates will mitigate the increase in overall tax bills brought on by skyrocketing home values. With the lower tax rate, the City’s property tax revenue will rise $630,756, from about $14.8 million to $15.4 million – an increase of about 4.27%.