Karen
Lee Bertiger
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Celebrating 25+ Years Career Experience in Investment Real Estate in 2008 With
30+ Years As An Investor
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This web & its information is a
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substitute for your own CPA, professional tax advisor, or attorney. Investment
real estate tax planning depends on your individual facts and circumstances. You
should always consult with your own tax advisor to determine if the ideas and
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PROPERTY TAXES – HOW THEY NORMALLY WORK
The County Assessor is responsible for appraising all real estate for use in the property tax system. Assessors use many of the same appraisal techniques as licensed fee appraisers but with variations to satisfy state statutes.
In order to appraise any piece of real estate, characteristics about the property are collected and used in the valuation process. As a property owner you should review the assessor’s records on your property to verify their accuracy.
At the same time the assessment cycle is taking place, officials in the local taxing bodies are determining their expenses (budgets) for the coming tax year and deciding on the tax levies that will be necessary to meet their budgets. Budget hearings vary widely from taxing body to taxing body; each taxing body should be contacted separately to obtain the times, dates and locations where their budgets and tax levies will be discussed.
The budget is the more important of the two processes. Each taxing body prepares a budget outlining future programs, expenditures, and sources of income that will be used to fund their services. After projecting estimated income from all sources other than property taxes, the unfunded remainder of the budget is financed with a tax levy. The tax levy is the formal request by taxing bodies for revenue to be generated and turned over to them from the property tax.
The taxing bodies, each of which is administered by an elected group of local residents, are required to hold public hearings on both their proposed budgets and tax levys. Taxpayers have both a right and an obligation to express their views on the type and amount of services being provided using their tax dollars. In some instances taxpayers may or may not get to vote on taxation. In Arizona, school districts can levy certain taxes without budget approval hearings or vote.
Property tax amounts result from the demand for money by the taxing bodies. The taxing bodies are listed on the tax bill along with their portions of the tax rate. The requirement of money by the taxing bodies creates the tax rates. The total of all of the tax rates when applied to your property assessments determines your share of the total tax dollars required. This becomes the amount of your property tax bill.
Rising taxes are the result of rising demands for money from taxing bodies not the result of rising property values. In a given year, when property values increase, the tax rates would decrease to generate the same tax dollars as the prior year. Therefore, if there are more properties, and higher assessed valuations, plus a tax rate increase, it is apparent that the budgets of the taxing bodies are being expanded exponentially. In a year when tax values decrease, the tax rate would need to increase to generate the same amount of tax dollars as the previous year.
The local taxing bodies prepare budgets, which need to be approved each year or so. The Assessor determines the value of the property, not the amount of the tax rate levy. Check the Treasurer's Office for tax rates of each body.
TAXES IN GENERAL
While on the subject of taxes.....here's a link to what I think is an excellent article concerning the real purpose of taxes. Click here. Article is "Government's Role is to Treat All Citizens Equally." It may or may not be available under the 2003 Archives at their website.