🏠 Property Taxes are Climbing

Here’s How to Save in AZ!

Home prices and mortgage rates aren’t the only housing costs climbing lately—property taxes are rising, too. A recent report from LendingTree revealed that median property taxes in the U.S. rose by 10.4% between 2021 and 2023. That’s an average annual bill of nearly $2,969, or about $247 more per year coming out of homeowners’ pockets.

Why the spike? It’s a combination of two things:

• Rising home values, especially during the post-pandemic boom

• Increasing property tax rates, which some local governments have adjusted to keep up with inflation and public service needs

Since property taxes are based on the assessed value of your home, any increase in home prices directly affects what you owe. And while every state saw property tax increases, the amount varies widely depending on where you live.

📍 What About Arizona?

Here in Arizona, homeowners are not immune to these rising costs. While we tend to have lower property tax rates compared to the national average, the rise in home values has caused many property owners to see their annual tax bills increase.

Good news: Arizona offers property tax relief options for eligible residents, especially seniors, widows/widowers, people with disabilities, and limited-income households.

✅ Arizona Property Tax Exemptions You Should Know About:

1. Senior Property Valuation Protection (also called “Senior Freeze”)

   • Available to residents age 65 and older

   • Freezes the value of your primary residence, preventing future valuation increases for property tax purposes

   • Income limits apply and vary by county

2. Widow/Widower and Disability Exemptions

   • Reduces assessed property value for qualifying individuals, leading to a lower tax bill

   • Must meet income and residency requirements

3. Property Tax Deferral Program

   • For qualifying seniors with limited income, this allows you to defer property taxes until the home is sold or the homeowner passes away

4. Exemptions for Veterans

   • Partial tax exemptions are available for disabled veterans or widows/widowers of veterans

📝 How to Apply

Applications are typically handled through your county assessor’s office, and deadlines can vary by county. Here’s a general process:

• Visit your county assessor’s website (e.g., Maricopa County Assessor’s Office)

• Look for the “Exemptions” or “Valuation Relief” section

• Download and fill out the necessary forms

• Submit proof of income, age, disability, or veteran status (as applicable)

Tip: Many counties require that applications be renewed annually, so set a reminder for future years if you're approved.

Even if you’re not eligible for an exemption, it’s worth checking your assessment to make sure it’s accurate. Many homeowners can appeal their property valuations if they believe they’re too high. And with values fluctuating, especially after the housing surge, mistakes can happen.

Need help understanding your property tax statement or want to chat about how this impacts your overall monthly payment? I’m just an email or text away.

Let’s make sure you’re not paying more than you need to.