Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The value of the primary residence remains fixed at the full cash value in effect for three years after the application is made. Applications made in 2018 provide protection for years 2019 through 2021 as long as the owner remains eligible. Applications made in 2017 provide protection for years 2018 through 2020 as long as the owner remains eligible. Applications made in 2016 provide protection for years 2017 through 2019 as long as the owner remains eligible. The value remains at this level even if the value declines. Any changes to the property such as new construction or demolition will change the full cash value and will result in the removal of the freeze.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Eligible property is limited to owner's primary residence, including not more than 10 acres of undeveloped appurtenant land.
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 400% for one person or 500% for property owned by two or more persons of the supplemental security income benefit rate the following amounts of the supplemental security income benefit rate. For applications filed in 2018 the income level is the average of the three prior years, 2015, 2016, and 2017 and cannot exceed $35,000 for a sole owner and $45,000 for two or more owners.
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.
[https://mcassessor.maricopa.gov/static/docs/Senior-Valuation-Protection-Form.pdf Accessed 09/05/2018]
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Senior Property Valuation Protection Option
[https://azdor.gov/forms/property-forms/senior-property-valuation-protection-option accessed 04/05/2019]
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