The 2018 Notice of Value statements have been mailed to property owners in Pinal County. Because of the recovery in home prices over the past few years, property owners may see an increase in their assessed value.
A rise in values does not automatically mean an increase in property taxes next year.
Each taxing authority will set their 2018 levy and tax rate next year. If the levy (portion of the budget collected through property taxes) is the same or similar to the year before, then the average tax bill may not change by much. If a taxing authority raises their levy substantially, the property tax from that individual agency could rise accordingly.
All property taxes will be based on the Limited Property Value (LPV) as a result of Proposition 117. The LPV, in most cases, cannot increase by more than 5 percent per year and cannot exceed Full Cash Value (market value). The Full Cash Value is still listed for each property but taxes are no longer based upon this number. The deadline to file an administrative appeal of the valuation or legal class for the 2018 notices is April 28, 2017.BLOG COMMENTS POWERED BY DISQUS