To Freeze application year Full Cash Value Only of a Primary Residence owned by Seniors Based on Income and Age. Senior Property Valuation Protection application - please read below for important information.
MARCH 1ST THRU SEPTEMBER 1ST, 2013
Important to Note:
It is important to understand, should you qualify for the program your TAXES are NOT FROZEN.
The freeze applies only to the FULL CASH VALUE of your property and will remain frozen even in the event of a declining real estate market. Any changes to the property such as new construction or demolitions that will change your FULL CASH VALUE will result in the removal of the freeze.
Until your limited value reaches the amount of your full cash value, your taxes may increase. In addition, if your tax rates increase your taxes will also increase.
AGE: At least one property owner must be the minimum qualifying age of 65 at the time of application.
RESIDENCE: The property must be the owner(s) primary residence. A "primary" residence is that residence which is occupied by the property owner(s) for an aggregate of nine months of the calendar year. A qualified owner can have only one primary residence and must have resided in the residence for two years at the time of application. This protection includes up to ten acres of land including the primary residence identified by one parcel number. Owners must provide proof of residency with Arizona Drivers License or Arizona ID Card (with date of issue over two years).
OWNERSHIP: If the property is held in trust, provide proof of trustees along with the application to determine ownership eligibility. Any change in ownership may result in the loss of the Freeze.
INCOME LIMIT: All gross income, taxable and non-taxable, of all owners will be used to determine eligibility.
$34,080 - One Owner
$42,600 - Two or More Owners
INCOME VERIFICATION: When applying for property valuation protection, documentation (W-2's, 1099's, & tax returns) to verify all gross income, residency and age must be submitted with the application. Applications must be submitted in person to the Assessor's office; NO applications by mail will be accepted. The list below offers examples of acceptable income verification forms.
- Federal Income Tax Return
- Dividends & Interest
- Business/Farm Income
- Veteran Disability Pension Ins
- Alimony/Welfare Payments
- Social Security Benefits
- Capital Gains/IRA Income
- Rent & Royalty Income
- Workman's Compensation
- Retirement/Pension & Annuity
- Disability Compensation
- Railroad Retirement
- AZ Unemployment
REQUALIFICATION: Once qualified, the freeze is in effect for a three-year period, unless otherwise indicated by law. The Assessor will notify the property owner(s) six months prior to the expiration of the current period, reminding them they must re-qualify for the protection to continue.