Senior Property Valuation Protection

State

Arizona

Year

2022

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 for three years after the application is made. The value remains at this level even if the value declines. Applications made in 2021 provide protection for years 2022 through 2024 as long as the owner remains eligible. Applications made in 2020 provide protection for years 2021 through 2023 as long as the owner remains eligible. Applications made in 2019 provide protection for years 2020 through 2022 as long as the owner remains eligible. Any changes to the property, such as new construction or demolition, will change the full cash value and result in the removal of the freeze.

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 up to 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. For applications filed in 2022, the income level is the average of the three prior years (2019, 2020, and 2021) and cannot exceed about $40,000 for sole owner and about $49,000 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.

Record ID

AZ107_RR22

Footnotes

AZ Constitution art. XI § 18 Amended by popular vote in 2000 and 2002 general election. 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 must make the 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. An application made in 2021 provides protection for years 2022 through 2024 and is based on income from 2018, 2019, and 2020. 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)
Senior Property Valuation Protection Option
[file:///C:/Users/G41490468/Downloads/FORMS_PROPERTY_2020_82104-f_0.pdf accessed 01/05/2024]
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