In Prescott, Arizona, property taxes are assessed and collected by the Yavapai County Assessor's Office and the Yavapai County Treasurer's Office. Here are some key points to help you understand property taxes in Prescott:
Property values are assessed by the Yavapai County Assessor's Office. The assessor determines the market value of the property as of January 1 of each year. The assessed value is then multiplied by the tax rate to determine the amount of property tax owed.
Property taxes are based on the assessed value of the property and the tax rate set by various taxing authorities in the area, such as the city, county, school district, and other local entities.
The tax rate varies depending on the location of the property and the taxing authorities that apply. For example, in Prescott, the tax rate for 2021 was 0.8369%, which means that a property assessed at $300,000 would have an annual property tax bill of $2,510.70.
Property taxes are typically due in two installments each year, with the first payment due on October 1st and the second payment due on March 1st of the following year. If taxes are not paid on time, penalties and interest may apply.
Property tax assessments can be appealed if you believe the assessed value is incorrect. You can contact the Yavapai County Assessor's Office for information on the appeals process.
Property taxes are an important source of revenue for local governments and are used to fund services such as schools, law enforcement, road maintenance, and other public services.
Overall, understanding property taxes in Prescott requires an understanding of the assessment process, tax rates, payment schedules, and the local government services that are funded by property taxes. The Yavapai County Assessor's Office and the Yavapai County Treasurer's Office can provide additional information and answer any specific questions you may have.