Arizona Investors Could Face Property Tax Hikes
March 14th, 2011
Arizona property owners who do not live in their Arizona properties will face property tax hikes in the coming year[1]. The state plans to send out affidavits that must be signed and returned by homeowners inhabiting the property in question in order for those homeowners to continue to benefit from a state subsidy that cuts property tax bills by up to $600 a year. Through this affidavit system, the state hopes to eliminate cuts what some experts believe may be a full quarter of rental owners whose homes have been either deliberately or accidentally misclassified as primary residences. Second homes, which experts estimate make up 6.5 percent of Arizona homes, also are ineligible for the tax break.
Critics of the move say that many homeowners will misunderstand or just plain lose the affidavit and end up suffering as a result. However, in order for anyone to retain these tax benefits, say legislators, those people who are “wrongly” claiming the rebate must begin to pay. Otherwise, property taxes as a whole will rise. This could have significant ramifications for the tax lien investing community in the coming year as homeowners and property owners face dramatically increased tax bills.
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[1] http://www.azcentral.com/business/consumer/articles/2011/03/14/20110314arizona-property-tax-hikes.html
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