Property Tax

Pima County Approves Fiscal 2017-18 Budget With Property Tax Hike

(Source: ArizonaBusinessDaily)

Pima County’s board of supervisors recently authorized the jurisdiction’s fiscal 2017-18 budget, totaling over $1.26 billion, by a vote of 3-2.

At $5.97 per $100 of assessed value, a new combined property tax signifies a hike of 14 cents over the previous year’s budget and incorporates a Pavement Preservation, Roadway Surfacing and Repair Plan sourced through a 25-cent primary property tax for roads, according to a news release. It is expected to raise $19.5 million in revenue for repairs in incorporated areas.

The increase will be allotted in two ways. The new rate’s first 11 cents will be designated as base funding, yielding approximately $8.6 million to be equally divided among all county jurisdictions while the remaining 14 cents will go to accelerated funding to generate approximately $10.9 million and be divided proportionally by assessed value per jurisdiction.

Both parts of the tax will fund pavement and road repairs. Pima County officials stated that the 14-cent increase will translate to an additional $18 of annual property taxes for a homeowner whose residence is worth Pima County’s median value of $131,899.

County Administrator Chuck Huckelberry proposed that the tax remains in place for five years to raise $100 million for road repairs. After the first year, the increase would be balanced by reductions in the primary property tax, according to the release.