Cave Creek, Arizona Property Taxes
The median property tax rate in Cave Creek, AZ is 0.40%, significantly lower than both the national median of 0.99% and the Arizona state median of 0.56%. With the median home value in Cave Creek at $558,700, the typical annual property tax bill amounts to $2,147, which is below the national median of $2,690. Property taxes in Cave Creek are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cave Creek'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 Cave Creek 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
Cave Creek, Arizona Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,120
Ownwell’s Cave Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cave Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cave Creek 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 Cave Creek, Arizona
Property taxes in Cave Creek, Arizona, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave Creek is 0.40%, which is lower than both the Arizona state median and the U.S. national median of 0.99%. Local government entities within Cave Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave Creek 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 Cave Creek's effective property tax rate to other counties in Arizona and the national median. For comparison, the highest median property tax rate in Maricopa County is found in 85253 with a rate of 0.75%, while the lowest median tax rate is in 85086 at 0.35%. Understanding how these cities compare with Cave Creek 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 Cave Creek Tax Rate
0.40%
Average Maricopa County Tax Rate
0.52%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave Creek, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85331 | 0.26% | 0.31% | 0.40% | 0.44% | 0.49% |
| 95331 | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
Source: Ownwell
Property Tax Assessment Values Across Cave Creek, Arizona
In Cave Creek, 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 Maricopa County Assessor 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. 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 Cave Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,682 in zip code 95331, while the lowest is $2,147 in zip code 85331.
Average Cave Creek Assessed Value
$558,700
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 Cave Creek, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85331 | $347,300 | $435,100 | $558,700 | $735,800 | $960,700 |
| 95331 | $1,660,100 | $1,660,100 | $1,660,100 | $1,660,100 | $1,660,100 |
Source: Ownwell
Property Tax Bills Across Cave Creek, Arizona
In Cave Creek, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the home's market value, which is periodically evaluated by the county assessor. For homeowners in Maricopa County, the median home price stands at $558,700. Property tax bills vary widely, with the 25th percentile tax bill at $1,623 and the 75th percentile reaching $2,764. At the 90th percentile, homeowners can expect a tax bill of up to $3,450. Several factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Cave Creek's tax bills reflect the region's specific economic conditions and property values. Homeowners in this area benefit from relatively moderate tax bills, especially when compared to regions with higher median tax bills, such as the highest at $5,682 in another zip code. This makes Cave Creek an attractive location for property owners looking for manageable tax expenses.
Average Cave Creek Tax Bill
$2,147
Average Maricopa County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave Creek, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85331 | $1,214 | $1,623 | $2,147 | $2,764 | $3,450 |
| 95331 | $5,682 | $5,682 | $5,682 | $5,682 | $5,682 |
Source: Ownwell