If you have decided to move in Tucson, you should look for information about property tax. It is better to understand how the tax system works in that specific area before arriving there, because this way there is no room for surprises. Every county has the right to administer its taxes for properties that are not centrally valued, such as mines, airlines, or railroads. In the following lines, you will find basic information about property tax Tucson.
You should know that Arizona charges a property tax on all the owner-occupied residential properties. You have to report your transaction to the Pima County Tax Assessor and include there the price you paid for your house. Your property will be assessed and taxed every year by the county where you have located your house. The amount of money you have to pay is decided taking into consideration the tax rates and the assessed valuation established by the taxing jurisdiction. This property tax is designed by cumulating the Primary Tax and the Secondary Tax. The primary tax is a sum of different taxes you have to pay for the operation and maintenance of the community school, college or other public institutions located in your county. The secondary tax is made up of commitments for supporting the operations of flood control, fire, street lighting and others special taxing districts. The property tax is available only for real properties. In Tucson, you will find that the current assessment ratio for an owner occupied house is ten percent of the market value. The valuation used for calculation this year tax bill is based on the value of your property at January 1 last year.
How a tax return agent can help you
When you think that your property tax is too high you should talk with a tax preparation agency to help you prepare for a tax return. These agencies specialize in helping you pay only the amount of tax you should legally pay. They help people maximize their refund and pay the minimum amount of money required by the county’s laws. In addition, you should know that when you are paying your property taxes to your local government, the IRS could let you claim some deductions for your federal tax return. You have to meet several requirements and the main one is that you can claim for a deduction only if the tax you paid is for your personal property. Also, this deduction can be claimed according to your property’s value and on an annual basis. Therefore, if the state charges the tax when you are in the process of buying the house, this means that you are not qualified for a deduction. Another requirement for receiving a deduction is that you have to be eligible to itemize. If you want to see if you are eligible to itemize, you should gather all your expenses from that year that are fitted for a deduction, like mortgage interest payments, medical expenses or charitable contributions, and see if their total is more than the standard deduction. In this process, a tax return agent will prove to be very helpful.