Prescott, Arizona Property Taxes
The median property tax rate in Prescott, AZ is 0.33%, significantly lower than both the national median of 0.99% and the Arizona state median of 0.56%. With a median home value of $460,951 in Prescott, the typical annual property tax bill amounts to $1,599, which is well below the national median of $2,690. Property taxes in Prescott 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 Prescott'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 Prescott 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
Prescott, 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 Prescott Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Prescott to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Prescott, Arizona
Property taxes in Prescott, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.33%, significantly lower than both the Arizona state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Arizona and the national median. For comparison, the 86305 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Prescott 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 Prescott Tax Rate
0.33%
Average Yavapai County Tax Rate
0.44%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86301 | 0.26% | 0.29% | 0.31% | 0.35% | 0.40% |
| 86303 | 0.25% | 0.29% | 0.33% | 0.43% | 0.51% |
| 86305 | 0.29% | 0.32% | 0.41% | 0.50% | 0.57% |
| 86332 | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Arizona
In Prescott, 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'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 Prescott, 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. For instance, the highest median tax bill is $2,216 in the 86305 zip code, while the lowest median tax bill is $1,283 in the 86301 zip code. 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prescott Assessed Value
$460,951
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 Prescott, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86301 | $150,056 | $275,106 | $404,618 | $614,068 | $802,206 |
| 86303 | $231,245 | $321,058 | $448,738 | $669,028 | $919,980 |
| 86305 | $261,825 | $390,797 | $572,958 | $821,387 | $1,087,442 |
| 86332 | $476,062 | $476,062 | $476,062 | $476,062 | $476,062 |
Source: Ownwell
Property Tax Bills Across Prescott, Arizona
In Prescott, located in Yavapai County, AZ, property tax bills are calculated based on the assessed value of a home, which is determined by the Yavapai County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $460,951, homeowners in Prescott can expect varying tax bills depending on specific factors such as neighborhood and property characteristics. Tax bills in Prescott range significantly, with the 25th percentile at $1,044 and the 75th percentile at $2,401. The 90th percentile reaches $3,686, indicating that higher-valued properties incur more substantial tax obligations. The highest median tax bill in Prescott is found in the 86305 zip code at $2,216, while the lowest median tax bill is in the 86301 zip code at $1,283. These taxes fund essential services like schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of life in the community.
Average Prescott Tax Bill
$1,599
Average Yavapai County Tax Bill
$1,504
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 86301 | $523 | $829 | $1,283 | $1,850 | $2,424 |
| 86303 | $684 | $1,068 | $1,555 | $2,277 | $3,283 |
| 86305 | $869 | $1,406 | $2,216 | $3,517 | $5,050 |
| 86332 | $1,335 | $1,335 | $1,335 | $1,335 | $1,335 |
Source: Ownwell