Variations in Receipt of Benefit
No Variation in Receipt of Benefits
An individual may elect to defer property taxes on the individual's qualifying residence for a taxable year. The county treasurer shall issue a certificate of deferral for each residence whose property taxes are deferred that states the amount of taxes that is deferred and the rate of interest that accrues to the certificate. The total amount of deferred property taxes, plus interest and costs, that has accrued with respect to a tax deferred residence is due and payable when property is no longer eligible or the applicant dies without a surviving spouse.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Eligibility is limited to the applicant's place of residence. “Residence” means real and personal property and improvements that constitute an owner-occupied dwelling that is classified as class 3. The property cannot be income producing and may not have a full cash value of more than $150,000. Property may not be subject to the lien of any mortgage, reverse mortgage, deed of trust or other real property security interest that has been of record for less than 5 years before the date the deferral claim form is filed.
Property Value Limit
Description of Eligibility Criteria
Applicants must be at least 70 years of age. Their total taxable income, which is the Arizona adjusted gross income less exemptions and deductions, cannot exceed $10,000. To be eligible the individual must either: (a) have lived in the current residence for at least 6 years immediately preceding the date the deferral claim form is filed or (b) have lived in this state for at least 10 years immediately preceding the date the deferral claim form is filed. All property taxes must be paid for the years preceding years. In the case of married couples, both spouses must meet these requirements. Benefit is limited to taxpayer's primary residence not to have a full cash value more than $150,000. There can be no lien of any mortgage, reverse mortgage, deed of trust or other real property security interest that has been recorded for less than 5 years before the deferral is claimed. The cumulative amount of deferred taxes and interest that attaches to a tax deferred residence, plus any amounts secured by mortgages, reverse mortgages, deeds of trust and other real property security interest with respect to the residence, may not exceed 90% of the full cash value of the residence determined by the county assessor for the tax year.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State and local government share the local tax loss
Description of State Funding for Tax Loss
On or before 15 January of each year, the county treasurer shall sell to the state treasurer or to the county, or both, all certificates of deferred taxes issued in the county during the previous tax year. When those who received deferral pay all amounts owed, they shall be paid to the county treasurer. If the certificate for deferred taxes was sold to the state treasurer, the county treasurer shall immediately remit the payment to the state treasurer.