Prescott Valley, Arizona Property Tax Law
In Prescott Valley, Arizona, the government imposes a tax (a legally-mandated payment made to the government) on real property. "Real property" is defined as any piece of land, or object permanently or semi-permanently affixed to the land (such as buildings, trees, minerals, etc.).
Property taxes in Prescott Valley, Arizona are determined as a percentage of the appraised value of the property. Property taxes are paid to the state or local government at regular (often yearly) intervals.
Federal authorities do not collect a property tax. Only state and local governments collect property taxes, as a general matter.
How Property Tax is Calculated in Prescott Valley, Arizona
Most often, property taxes in Prescott Valley, Arizona are simply a set percentage of the property's value. Across the country, state authorities impose a wide range of different tax rates. The highest rates in the country are in the area of 5% of the property's value, and the lowest are less than 1%.
In order to impose this tax, the government of Prescott Valley, Arizona first has to determine the taxable value of a piece of property.
In many ways, the value of a piece of land is relative. After all, many people ascribe sentimental value to their homes, which goes well beyond its market value. To ensure that the system is fair, the government uses only objective standards to determine value.
To that end, the Prescott Valley, Arizona employees in charge of appraising land look at objective facts to determine value, like the size of the land and any buildings on it, the way in which the land may legally be used (zoning), and the health of the local real estate market.
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How A Prescott Valley, Arizona Property Tax Attorney Can Help.
The property tax system in Prescott Valley, Arizona can get pretty convoluted. There are many reasons why you might run into a legal dispute regarding your property tax. For example, you may believe that the appraised value of your property was too high, increasing your tax burden unjustly. Or, the state might accuse you of failing to pay your property tax.
If you are immersed in a property tax dispute with the tax authorities of Prescott Valley, Arizona, you should seek the help of a Prescott Valley, Arizona tax attorney. Your attorney can help you prevent a small tax problem from turning into something much bigger and more expensive than it needs to be.