Lake Montezuma, Arizona Property Taxes
The median property tax rate in Lake Montezuma, AZ is 0.47%, significantly lower than both the national median of 0.99% and the Arizona state median of 0.56%. With a median home value of $214,540 in Lake Montezuma, the typical annual property tax bill amounts to $936, which is well below the national median of $2,690. Property taxes in Lake Montezuma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Montezuma'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 Lake Montezuma 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
Lake Montezuma, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,008
Ownwell’s Lake Montezuma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Montezuma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Montezuma 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 Yavapai County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Montezuma, Arizona
Property taxes in Lake Montezuma, Arizona, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Montezuma is 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Montezuma 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 Lake Montezuma's effective property tax rate to other areas in Arizona and the national median. For comparison, the zip code 86342 has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Lake Montezuma 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 Lake Montezuma Tax Rate
0.47%
Average Yavapai County Tax Rate
0.44%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Montezuma, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86342 | 0.42% | 0.44% | 0.47% | 0.49% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Lake Montezuma, Arizona
In Lake Montezuma, 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 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. In Lake Montezuma, 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 Lake Montezuma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $214,540, with tax bills ranging from $735 at the 25th percentile to $1,258 at the 90th percentile. The zip code 86342 has the highest median tax bill of $936.00.
Average Lake Montezuma Assessed Value
$214,540
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 Lake Montezuma, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86342 | $124,721 | $158,403 | $214,540 | $270,676 | $304,358 |
Source: Ownwell
Property Tax Bills Across Lake Montezuma, Arizona
In Lake Montezuma, Yavapai County, AZ, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Lake Montezuma is $214,540. Homeowners can expect a tax bill that varies significantly depending on where their property falls within the assessed value range. For instance, the 25th percentile tax bill is around $735, while the 75th percentile tax bill reaches $1,137. At the 90th percentile, homeowners might see a tax bill as high as $1,258. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. It is essential for homeowners to understand these components, as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Lake Montezuma's property taxes can be considered relatively moderate, providing a balanced environment for homeowners while ensuring necessary public services are funded.
Average Lake Montezuma Tax Bill
$936
Average Yavapai County Tax Bill
$1,504
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Montezuma, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86342 | $614 | $735 | $936 | $1,137 | $1,258 |
Source: Ownwell