Jerome, Arizona Property Taxes
The median property tax rate in Jerome, 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 Jerome at $356,957, the typical annual property tax bill amounts to $1,360, which is also below the national median of $2,690. Property taxes in Jerome are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Jerome'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 Jerome 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
Jerome, 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 Jerome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jerome, Arizona
Property taxes in Jerome, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome 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 Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other counties in Arizona and the national median. For comparison, the zip code 86331 has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Jerome provides valuable insights into the varying tax landscape across Yavapai County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jerome Tax Rate
0.40%
Average Yavapai County Tax Rate
0.44%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86331 | 0.24% | 0.32% | 0.40% | 0.47% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Arizona
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jerome, Arizona. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Yavapai 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 in Jerome 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. For instance, the highest median tax bill in Jerome is $1,360 in the 86331 zip code, which also has the lowest median tax bill of $1,360. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jerome Assessed Value
$356,957
Average Yavapai County Assessed Value
$367,324
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jerome, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86331 | $206,536 | $280,949 | $356,957 | $450,720 | $627,819 |
Source: Ownwell
Property Tax Bills Across Jerome, Arizona
In Jerome, located in Yavapai County, AZ, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and is a percentage of your property's market value. This valuation is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Jerome can expect varying tax bills. For instance, the tax bill at the 25th percentile is around $950, while those at the 75th percentile pay approximately $1,892. At the 90th percentile, the tax bill can reach up to $2,549. These figures show that property taxes can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Jerome Tax Bill
$1,360
Average Yavapai County Tax Bill
$1,504
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86331 | $687 | $950 | $1,360 | $1,892 | $2,549 |
Source: Ownwell