property tax

In his article in the March/April 2014 edition of the AZ CPA Magazine, state & local tax expert attorney James Busby reminds tax practitioners of the most overlooked tax, the property tax. Property taxes are calculated using values set by the county assessors office, multiplied by an assessment ratio and a local tax rate.  Real estate is appraised en mass, generally using statistics including per-square-foot, comparable sales, and neighborhood appreciation. Tip #1 - Ensure proper classification Real estate is taxed based on its use.  Principal residences (including those in which family members reside) are subject to a lower tax rate [...]