If you own a home in Arizona you will want to check out the information about new Arizona property tax hikes on the horizon.
Beginning next year in 2012, Arizona home owners who live in their homes must sign an affidavit affirming this fact to retain a state subsidy that cuts their property-tax bill by up to $600 a year.
If a home owner rents out their house or fails to return the tax affidavit, they will lose the subsidy and face a higher bill.
Current estimates are that 25 percent of the rental homes in the state are misclassified and 6.5 percent of homes are second homes. Arizona’s real-estate community fears the new requirement could trigger undeserved property-tax hikes.
It will be the responsibility of the home owner to fill out the proper form in the designated time frame to get it filled out. This in mind, you may want to set up a reminder on your calender to remind you to handle this and avoid a tax increase you should not be getting.