Senior Property Valuation Protection

State

Arizona

Year

2015

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

The value of the primary residence remains fixed at the full cash value in effect during the year the property valuation protection option is filed and as long as the owner remains eligible.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Eligible property is limited to owner's primary residence, including not more than 10 acres of undeveloped appurtenant land.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Other Criteria

Description of Eligibility Criteria

The resident may apply for a property valuation protection option after residing in the primary residence for 2 years. The owner must be at least 65 years old with a total income from all sources, including nontaxable income, of less than the following amounts of the supplemental security income benefit rate. (a) Less than 400% for individuals; and (b) Less than 500% for property owned by 2 or more persons.

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

Local government covers all of its tax loss

Description of State Funding for Tax Loss

State statutes are silent on the funding for this program.

Record ID

AZ107_RR15

Footnotes

To remain eligible, the qualifying resident must reapply for the program every 3 years. The assessor shall review the owner's income qualifications using the owner's average total income during the previous 3 years. To be eligible for the property valuation protection, the resident shall make application and furnish documentation required by the assessor on or before 1 September. If the resident fails to file the application on or before 1 September, the assessor shall process the application for the subsequent year. When the owner sells the home or otherwise becomes ineligible for the program, the property's valuation will revert to its current full cash value.

Sources

Source Constitution: 
Arz. Const. Art. IX § 18 (7)

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