Litchfield Park, Arizona Property Taxes
The median property tax rate in Litchfield Park, AZ is 0.59%, slightly higher than the state median of 0.56% but lower than the national median of 0.99%. With the median home value in Litchfield Park at $367,500, the typical annual property tax bill is $2,260, which is below the national median of $2,690. Property taxes in Litchfield Park are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Litchfield Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Litchfield Park or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Litchfield Park, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,168
Ownwell’s Litchfield Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield Park to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Litchfield Park, Arizona
Property taxes in Litchfield Park, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield Park is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Litchfield Park set these rates annually, and they can vary across different neighborhoods. Each year, Litchfield Park estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Litchfield Park's effective property tax rate to other areas in Maricopa County and the national median. For comparison, the zip code 85340 has a median property tax rate of 0.59%, which is consistent with Litchfield Park's rate. Understanding how these rates compare with Litchfield Park provides valuable insights into the varying tax landscape across Maricopa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Litchfield Park Tax Rate
0.59%
Average Maricopa County Tax Rate
0.52%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield Park, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85340 | 0.43% | 0.50% | 0.59% | 0.70% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield Park, Arizona
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Litchfield Park, Arizona. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Maricopa County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Litchfield Park, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in Litchfield Park are both $2,260, found in the 85340 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Litchfield Park, Arizona
Source: Ownwell
$57,600
$858,850
$1,660,100
Average Litchfield Park Assessed Value
$367,500
Average Maricopa County Assessed Value
$328,300
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Litchfield Park, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85340 | $255,700 | $295,000 | $367,500 | $488,500 | $606,920 |
Source: Ownwell
Property Tax Bills Across Litchfield Park, Arizona
In Litchfield Park, located in Maricopa County, AZ, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Litchfield Park is $367,500. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Litchfield Park, the tax bill can vary significantly. The 25th percentile tax bill is around $1,589, while the 75th percentile tax bill is approximately $3,143. At the 90th percentile, the tax bill can reach up to $4,055. The median property tax rate in this area is notably lower than the national median of 0.99%. The highest and lowest median tax bill in the area is $2,260, both occurring in the zip code 85340. These tax bills impact homeowners by influencing their annual housing costs and, consequently, their overall financial planning.
Average Litchfield Park Tax Bill
$2,260
Average Maricopa County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield Park, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85340 | $1,215 | $1,589 | $2,260 | $3,143 | $4,055 |
Source: Ownwell