What is the tax assessment rate applied to owner-occupied residential property in Arizona?

Owner-occupied residential properties in Arizona benefit from a lower tax assessment rate compared to other types of properties. The assessment rate for owner-occupied residences is set at 10%, which is a significant advantage for homeowners as it reduces the amount of property tax they owe. This rate is part of Arizona's efforts to support homeownership and provide tax relief for residents.

In contrast, other property types such as commercial properties or rental properties are assessed at higher rates, meaning they have more tax liability. Understanding this assessment rate is crucial for anyone involved in real estate transactions in Arizona, as it impacts not only current homeowners but also potential buyers and investors in the market.