Paradise Valley, Arizona Property Taxes
The median property tax rate in Paradise Valley, AZ is 0.44%, significantly lower than both the national median of 0.99% and the Arizona state median of 0.56%. With a median home value of $1,654,000, the typical annual property tax bill in Paradise Valley reaches $7,013, surpassing the national median of $2,690. Property taxes here 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 Paradise Valley'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 Paradise Valley 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
Paradise Valley, 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 Paradise Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paradise Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paradise Valley 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 Paradise Valley, Arizona
Property taxes in Paradise Valley, Arizona, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paradise Valley is 0.44%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Paradise Valley set these rates annually, and they can vary across different neighborhoods. Each year, Paradise Valley 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 Paradise Valley's effective property tax rate to other areas in Maricopa County and the national median. For comparison, the zip code 85253 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Paradise Valley 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 Paradise Valley Tax Rate
0.44%
Average Maricopa County Tax Rate
0.52%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paradise Valley, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85253 | 0.34% | 0.38% | 0.44% | 0.48% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Paradise Valley, Arizona
In Paradise Valley, 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. In Paradise Valley, 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 Paradise Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Paradise Valley are both $7,013 in the 85253 zip code.
Property Tax Assessment Values Across Paradise Valley, Arizona
Source: Ownwell
$57,600
$858,850
$1,660,100
Average Paradise Valley Assessed Value
$1,654,000
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 Paradise Valley, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85253 | $253,600 | $966,800 | $1,654,000 | $2,488,300 | $3,561,820 |
Source: Ownwell
Property Tax Bills Across Paradise Valley, Arizona
In Paradise Valley, 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 this area is $1,654,000. Once the assessed value is determined, local tax rates are applied to calculate the final tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value. Homeowners in Paradise Valley typically see a range of tax bills, with the 25th percentile paying around $4,046 and the 75th percentile facing bills up to $11,553. Those in the 90th percentile might encounter tax bills as high as $16,709. The highest median tax bill in the area is $7,013, found in the 85253 zip code. Comparing this to the national median property tax rate of 0.99%, Paradise Valley's tax rates can be considered relatively moderate, given the high property values. This system ensures that tax burdens are distributed in proportion to property values, impacting homeowners based on their property's worth.
Average Paradise Valley Tax Bill
$7,013
Average Maricopa County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Paradise Valley, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85253 | $967 | $4,046 | $7,013 | $11,553 | $16,709 |
Source: Ownwell