Posted November 16, 2018 12:35:07 When a property in the US is listed on an exchange and its value goes up or down, there is usually a tax imposed.
A property can also be assessed by an agent, who takes on the cost of administering and collecting the tax.
This is how it works in Arizona, where the Arizona Department of Revenue has created a system for assessing the tax on a property that is listed in the Arizona real estate exchange.
Under the Arizona Property Tax Act of 2018, a property listed in an Arizona exchange must be assessed, according to the Arizona Republic.
The exchange has 30 days to submit a copy of the assessment to the state for review.
Once the tax is filed, the assessor must pay it to the taxpayer.
In Arizona, there are different types of property taxes:A non-residential property (which includes a condo, house, houseboat, or vacation house), is assessed a property tax at a rate of 3.25% of the assessed value.
This is in addition to the 10% rate for residential properties in the state.
A non-motor vehicle property is assessed at a different rate, with the rate ranging from 5% to 8%.
A nonresidents’ residence, which includes a home, condominium, house boat, or golf course, is assessed the tax at the 5.5% rate.
In a property’s listing, the state also has the authority to levy a “tax on foreign properties” (also known as “fair market value tax”).
This tax is assessed based on the value of the property at the time of listing.
The value of foreign properties are subject to a tax equal to 10% of their fair market value at the date of listing, but the assessors are allowed to use any discount or other method they deem appropriate.
The assessors also can levy a tax of 5% on any portion of the value that is more than 10% less than the fair market market value.
The state can levy an additional tax of 3% for properties that are listed on the Arizona exchange and are not in the market for sale, or that have been assessed at the 10-percent rate, but are not listed on a US real estate market.
Tax rates are set by the Arizona Real Estate Board (ARIB), which is the state agency responsible for administering Arizona’s property tax laws.
The rate of the tax that is levied varies by the size of the market value of a property, but it typically ranges from 3.50% to 6.75%.
The tax is levied on all property, including homes, condos, houses, vacation houses, golf courses, and other property with an assessed value of less than $100,000.
A portion of this is collected by the state in a separate state account.
The ARIB can impose an additional 10% tax on properties that have a taxable assessed value above $10 million.
The ARIb’s 10% on properties is the same rate that is applied to all nonresidential properties.
If you have any questions about the tax or how it applies in Arizona or any other state, please call the Arizona Taxpayer Assistance Center at 480-872-2282.
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