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The Jobs Bill and How It Impacts Arizona Residential Property Tax

posted in Real Estate News by Kathleen Yamauchi

The recent passage of Arizona HB2001 known as the "Jobs Bill" was crafted with the intention of making Arizona a more business-friendly state. But buried in the 214 page bill is wording that could mean higher residential property taxes for Arizonans.

Homeowners may be unaware that their residential property taxes are lowered by a payment made from the State General Fund directly to the county in which the property is located. This payment is paid to residential properties in Class Three of the property tax code. Class Three properties include owner occupied primary residences and second/vacation homes. Currently, the rebate happens automatically without the homeowner having to apply for the tax reduction. Each homeowner can locate their home's annual rebate by looking at a past year's property tax bill for the words, "State Aid."

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