Mormon Lake, Arizona Property Taxes
The median property tax rate in Mormon Lake, AZ is 0.64%, slightly above the Arizona state median of 0.56% but below the national median of 0.99%. With the median home value in Mormon Lake at $169,019, the typical annual property tax bill amounts to $999, significantly lower than the national median of $2,690. Property taxes in Mormon Lake are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Mormon Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mormon Lake or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Mormon Lake, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,082
Ownwell’s Mormon Lake Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mormon Lake with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Mormon Lake to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those keen on observing trends at a neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Mormon Lake, Arizona
Property taxes in Mormon Lake, Arizona, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mormon Lake is 0.64%, which is lower than both the Arizona state median and the U.S. national median of 0.99%. Local government entities within Mormon Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mormon Lake 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 Mormon Lake's effective property tax rate to other counties in Arizona and the national median. For comparison, the zip code 86038 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Mormon Lake 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 Mormon Lake Tax Rate
0.64%
Average Coconino County Tax Rate
0.54%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mormon Lake, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86038 | 0.46% | 0.55% | 0.64% | 0.74% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Mormon Lake, Arizona
In Mormon Lake, Arizona, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Mormon Lake, 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 Mormon Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mormon Lake are both $999, found in zip code 86038.
Average Mormon Lake Assessed Value
$169,019
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 Mormon Lake, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86038 | $35,450 | $89,879 | $169,019 | $291,029 | $442,868 |
Source: Ownwell
Property Tax Bills Across Mormon Lake, Arizona
In Mormon Lake, located in Coconino County, AZ, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $169,019. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Mormon Lake can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $618, while at the 75th percentile, it rises to $1,660. Those in the 90th percentile face a tax bill of $2,779. The highest and lowest median tax bills in Mormon Lake are both reported at $999, indicating a consistent tax rate within the zip code 86038. Compared to the national median property tax rate of 0.99%, Mormon Lake's property tax rates can significantly impact household budgets, making it essential for homeowners to understand how their tax bill is determined and budget accordingly.
Average Mormon Lake Tax Bill
$999
Average Coconino County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Mormon Lake, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86038 | $348 | $618 | $999 | $1,660 | $2,779 |
Source: Ownwell