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Maricopa County raises property-tax rate by 18% by Michelle Ye Hee Lee - Aug. 16, 2011 12:00 AM The Arizona Republic Maricopa County on Monday increased its property-tax rate by 18 percent for fiscal 2012. But due to decreased property values, county officials believe most residents will see minimal change in what they owe in the county primary tax portion of their tax bill. The Maricopa County Board of Supervisors [Fulton Brock, Don Stapley, Andrew W. Kunasek, Max W. Wilson, MaryRose Wilcos and Mary Rose Wilcox] unanimously decided to raise its property-tax rate from $1.05 to $1.24 per $100 of net assessed valuation. But the median assessed home value has decreased in value from $147,000 to $124,500, according to county officials. That is a 15.3 percent decrease. The increased tax rate and lowered home valuations will balance out the median household's tax bill. Residents whose homes have fallen at the same 15.3 percent rate will see a flat tax bill from last year, with secondary county taxes included. Other residents may see a slightly higher or lower tax bill, based on the assessment of their homes. For residents whose home values remained flat or did not decrease as must as the median household value has, the county-controlled portion of their tax bills could be higher. The Board of Supervisors also increased the tax rates for the county's Flood Control District and Library District. But overall, the county will see a $21.7 million decrease in revenue from property-tax levies because of decreased assessed home values across the Valley. |