Forest Lakes, Arizona Property Taxes
The median property tax rate in Forest Lakes, AZ is 0.63%, notably lower than the national median of 0.99% but higher than the Arizona state median of 0.56%. With the median home value in Forest Lakes at $307,790, the typical annual property tax bill reaches $1,835, which is below the national median of $2,690. Property taxes in Forest Lakes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forest Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Forest Lakes or another part of Coconino County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest Lakes, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,939
Ownwell’s Forest Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest Lakes 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 Forest Lakes, Arizona
Property taxes in Forest Lakes, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Lakes is 0.63%, which is lower than both the Arizona state median and the U.S. national median of 0.99%. Local government entities within Forest Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest Lakes 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 Forest Lakes' effective property tax rate to other counties in Arizona and the national median. For comparison, the ZIP code 85931 has the highest median property tax rate of 0.63%, while the same ZIP code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Forest Lakes provides valuable insights into the varying tax landscape across Coconino County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Lakes Tax Rate
0.63%
Average Coconino County Tax Rate
0.54%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Lakes, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85931 | 0.53% | 0.54% | 0.63% | 0.67% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Forest Lakes, Arizona
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Forest Lakes, 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 Coconino County Assessor's Office 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 Forest Lakes, 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. Being aware of these valuation processes in Forest Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $307,790, with the median tax bill being $1,835 in the 85931 zip code.
Average Forest Lakes Assessed Value
$307,790
Average Coconino County Assessed Value
$335,366
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Lakes, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85931 | $146,955 | $239,113 | $307,790 | $383,820 | $478,442 |
Source: Ownwell
Property Tax Bills Across Forest Lakes, Arizona
In Forest Lakes, AZ, property tax bills are determined by assessing the value of your home and applying the local tax rate. The assessed value is a percentage of the market value of your property, which is then multiplied by the tax rate set by local taxing authorities. For homeowners in Forest Lakes, the median home price is $307,790, influencing the overall tax bill. Several factors contribute to the final tax bill, including property characteristics, market conditions, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $1,343, while at the 75th percentile, it rises to $2,465. At the 90th percentile, homeowners may see tax bills as high as $3,125. These figures highlight the range of property tax liabilities in the area. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. Comparing this to the national median property tax rate of 0.99%, Forest Lakes homeowners should be prepared for varying tax obligations based on their property's assessed value.
Average Forest Lakes Tax Bill
$1,835
Average Coconino County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Lakes, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85931 | $863 | $1,343 | $1,835 | $2,465 | $3,125 |
Source: Ownwell