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Understanding Arizona Property Taxes and What Buyers Should Expect

When buying a home in Arizona, understanding property taxes is a crucial part of the decision-making process. Arizona’s property tax system is often considered more affordable compared to other states, but there are key factors that buyers should be aware of before making a purchase. In this guide, we’ll break down how property taxes work in Arizona, what influences the rates, and what you can expect as a homeowner.

How Arizona Property Taxes Are Calculated

Arizona’s property tax system is unique because it has some of the lowest property tax rates in the country. Property taxes are based on the assessed value of your home, which is determined by the county assessor’s office.

Here’s how the tax amount is calculated:

  1. Limited Property Value (LPV) – Arizona uses a Limited Property Value (LPV) instead of the full market value. The LPV is determined by the county assessor and is capped in its annual increase, meaning your taxable value won’t jump drastically year-over-year.
  2. Assessment Ratio – The LPV is multiplied by the assessment ratio, which varies by property type. For residential properties, this is typically 10% of the LPV.
  3. Tax Rate – The assessed value is then multiplied by the local property tax rate, which varies by county and city.

Example Calculation

If your home’s LPV is $250,000 and the assessment ratio is 10%, the assessed value would be:

  • $250,000 × 10% = $25,000

If the local tax rate is 1.2%, your estimated property tax would be:

  • $25,000 × 1.2% = $300 per year

What Influences Property Tax Rates in Arizona?

While Arizona’s property taxes are generally lower than the national average, several factors can impact your tax rate, including:

1. Location (County & City Taxes)

Each county and city in Arizona has different tax rates based on local government budgets, school districts, and infrastructure needs. For example:

  • Maricopa County (Phoenix, Scottsdale, Mesa, etc.) tends to have slightly higher tax rates due to population growth and city development.
  • Pima County (Tucson area) also has moderate property tax rates.
  • Smaller counties, like Yavapai or Cochise, may have lower rates due to fewer government-funded programs.

2. School District Taxes

A significant portion of Arizona property taxes goes toward funding public schools. If you buy a home in a top-rated school district, expect higher taxes, as these areas often invest more in education.

3. Special District Taxes

Some homes may be subject to additional special taxing districts, such as:

  • Fire districts
  • Water or sewer improvement districts
  • Street maintenance funds

These extra taxes are usually minimal but can vary based on your location.

4. Homeowner Exemptions & Tax Breaks

Arizona offers several tax relief programs for homeowners, including:

  • Primary Residence Exemption – If the home is your primary residence, you may qualify for lower rates.
  • Senior Property Valuation Protection Program – Homeowners 65+ years old with a limited income can freeze the taxable value of their home.
  • Disabled Veterans’ Exemption – Eligible veterans may receive a property tax reduction.

What Buyers Should Expect When Purchasing a Home

1. Check the Property’s Tax History

Before purchasing, request a property tax history from the county assessor’s website or your real estate agent. This will help you estimate future costs.

2. Expect Taxes to Adjust After Purchase

When you buy a home, the county may reassess the property value, which could lead to higher or lower taxes than what the previous owner paid.

3. New Construction Homes May Have Higher Taxes

If you’re buying a new build, initial property taxes might be lower during construction, but they will increase once the home is completed and reassessed.

4. Property Taxes Are Often Included in Your Mortgage Payment

If you’re financing your home, your lender may include property taxes in your monthly mortgage payment through an escrow account. This ensures that taxes are paid on time.

5. Appeal Your Property Tax Assessment If Needed

If you believe your home’s assessed value is too high, you can file an appeal with the county assessor’s office to request a reassessment.

Understanding Arizona property taxes can help you make an informed home-buying decision. With low tax rates, exemptions, and predictable assessments, Arizona remains one of the most affordable states for homeownership. Whether you’re a first-time buyer or relocating to the Grand Canyon State, knowing what to expect in property taxes will help you budget effectively and avoid surprises.

February 28, 2025 by
Agency, In The News

PBJ THE LIST 2023

Announcing the arrival of the latest Phoenix Business Journal Book of Lists for 2023! Subscribers are now diving into a wealth of industry-specific leads and invaluable business insights based on 2022 numbers.

In this year’s edition, Russ Lyon Sotheby’s International Realty secured the 5th spot among Residential Real Estate Brokerages, while the Russ Lyon Foundation earned rankings at #22 for Largest Corporate Philanthropists and #14 for community involvement.

Beyond these corporate acknowledgments, several of our agents and teams were also recognized for their dedicated and commendable efforts.

Kudos to everyone involved!

Teams:

#11 Private Client Group
#14 Luxury Property Group
#21 Power+
#25 The Lucky’s
#39 Pellegrini & DeGeorge Partners
#50 Bushong, Christian, & Almquist
#51 David Arustamian Team
#60 The Marshall Brothers
#65 The Sertich Group
#69 Reeds & Vandi

Agents:

#3 Dan Wolski
#17 Allan MacDonald
#20 Lisa Roberts
#34 Cionne McCarthy
#39 Johnathon De Young
#44 Patrick Rice
#45 Laura Briggs
#46 Josie Pakula
#66 Tami Henderson

January 2, 2024 by
Agency, Community, Entertainment, In The News, Inspiration, Real Estate, Russ Lyon

Sotheby’s International Realty Top 100

In celebration of Sotheby’s International Realty®’s record-breaking accomplishment in 2021, the President and CEO of Sotheby’s International Realty®, Philip White, has personally invited the Top 100 Sotheby’s International Realty® agents and teams worldwide to celebrate an evening in New York City. This evening will take place on Thursday, November 3, to congratulate and recognize these global real estate advisors’ success and contributions.

Sotheby’s Top 100:

Aazami, Frank – Russ Lyon SIR

Adlam, Chris – Vista SIR

Adlam, Valerie  – Vista SIR

Arias, Ralph – One SIR

Aurich, Scott – Pacific SIR

Baldwin, Karen – Russ Lyon SIR

Behr, Josh – LIV SIR

Benoit, Debi – Gibson SIR

Benoit, Kathleen – Russ Lyon SIR

Boardman, Serena – East Side Manhattan SIR

Bodenchak, Frank  – Bridgehampton SIR 

Bodenchak, Dawn – Bridgehampton SIR 

Boyd, Cam – Steamboat SIR 

Brizolis, K. Ann – Pacific SIR 

Brown, Kevin – East Side Manhattan SIR 

Bullock, Bill – Golden Gate SIR 

Burns, Jeff – Pacific SIR

Burns, Tiffany – Pacific SIR

Cain, John – Pacific SIR

Canning, Jessica – Carmel SIR 

Canning, Nancy – Carmel SIR

Canning, Nie – Carmel SIR

Caras, Jennifer – Vista SIR 

Casabonne, Daniel – Wine Country SonomaSIR 

Corey, Heather – TTR SIR 

Cregan, Lisa  – Palm Beach SIR 

Cregan, John – Palm Beach SIR 

Curkoski, Mirce – One SIR 

Damianos, George – Damianos SIR 

Dickerson, Beth – Gibson 

Dockray, Dan – LIV SIR 

Dreyfus, Michael –  Golden Gate SIR 

Ememann, Andrew – Aspen Snowmass SIR 

Field, Nikki – East Side Manhattan SIR 

Flash Blum, Mara – Downtown Manhattan SIR 

Francis, Bee – Russ Lyon SIR 

Friedman, Jason – Daniel Gale SIR

Friedman, Rudi – Daniel Gale SIR

Goodman, Carrie – San Francisco SIR 

Grant, Harald – Southampton SIR 

Halum, Faisal – Briggs Freeman SIR 

Heider, Daniel – TTR SIR 

Hem, Michael – Prominent Properties SIR 

Hewitt, Susan – Golden Gate SIR 

Iantomo, Eric – Pacific SIR 

Jacka, Rylan – East Hampton SIR 

Janzen-Botts, Jennifer – Pacific SIR  

Justo, Albert – One SIR 

Juvelier, Oriana – Puerto Rico SIR 

Kappel, Brad – TTR SIR 

Klug, Chris – Aspen Snowmass SIR 

Ladd, Brian – Cascade SIR  

Lavey, Eric – Beverly Hills SIR 

Lusk, Anne – Lusk & Associates SIR 

Lynn, Gregg – San Francisco SIR 

Martin, Ginger – St. Helena SIR 

Martinez, Michael – One SIR 

McCafferty, Amy – Golden Gate SIR 

McElwreath, Leslie  – Greenwich SIR 

Miller, Chandra – Maury People SIR 

Miller, Jeff – One SIR 

Mizell, Chase – Atlanta Fine Homes SIR 

Morton, Helena – Ocean Reef Club SIR 

Nakagawa, C.J. – Golden Gate SIR 

Nestler, Mark – One SIR 

Noah, Marc – Beverly Hills SIR

Nobrega, Malia – LIV SIR 

O’Rourke, Lara – Gibson SIR 

Overall, Breck – Sierra SIR 

Peter, Frances – Palm Beach SIR 

Peter, Todd – Palm Beach SIR 

Poletto, John – One SIR 

Post, Russell – Ocean Reef Club SIR 

Queen, Noelle – Golden Gate SIR 

Ramey, Bridget – Kuper SIR 

Rankin, Michael – TTR SIR 

Risko, Victoria – Bewerly Hills SIR 

Robinson, Chelsea – Gibson SIR 

Ryan, Hillary – St. Helea  SIR 

Sabeh, Joseph – Venture SIR 

Sansone, Linda – Pacific SIR 

Sarkissian, Lydia – Golden Gate SIR 

Sarkissian, Magda – Golden Gate SIR 

Schemmel, Joel – Premier SIR  

Schemmel, Toni  – Premier SIR  

Shone, Tina – Wine Country Sonoma SIR 

Siegenthaler, Nina – Turks & Caicos SIR  

Stein, Jeremy – Downtown Manhattan SIR 

Stein, Robin – Downtown Manhattan SIR 

Stern, Ellen – Julia B. Fee SIR

Storch, Wendy – San Francisco SIR

Tarumianz, Lex Aspen Snowmass SIR

Taylor, Molly – Ocean Reef Club SIR

Thomas, Michelle – Premier
SIR

Trotter, Dana – Bridgehampton SIR

Uribe, Jorge – One SIR

VanArsdale, Karen – Premier SIR

VanArsdale, Nina – Premier SIR

Wilcoxon, Kumara – Kuper SIR

Williams, Lea – Tomlinson  SIR

Wolski, Daniel – Russ Lyon SIR

November 2, 2022 by
Agency, Architecture, Business, Community, COVID-19, Entertainment, Inspiration, Real Estate

Russ Lyon SIR 2020 Recap

2020 may have been a year like no other and that certainly rings true when it comes to breaking and setting new residential real estate records.  Arizona’s leader in luxury real estate, Russ Lyon Sotheby’s International Realty is proud to announce it closed the year with a record-breaking $5.32 billion in total sales. That is the highest yearly number ever recorded in the company’s history for total sales volume. 

Among the impressive 2020 sales, Russ Lyon Sotheby’s International Realty represented both the buyer and seller for the highest residential sale in Arizona’s history at $24,100,000 during the fall of this year and represented the seller of the notable David and Gladys Wright House.

In 2020, the luxury brokerage closed a total of 7,247 transactions state-wide with the average sales price at $734,008. 

View the Top 20 Sales of 2020 for Russ Lyon Sotheby’s International Realty here:

The brokerage has been in business since 1947.  73 years later there are now 950 agents and 13 offices state-wide.  In 2020, agents and the various offices were recognized more than 100 times for a variety of industry awards. 

But most importantly, during 2020 when many charities were struggling, the Russ Lyon Charitable Foundation was honored and named one of Arizona’s Largest Philanthropists with more than 3,750 volunteer hours, as well as donating more $108,492 to charity.

There is no doubt, 2020 has been a year to remember. It has been a year of great hardships, great triumphs and the greatest year of giving by our agents, staff and managers. We are incredibly proud of our family of agents and these tremendous numbers and record breaking sales shows Russ Lyon Sotheby’s International Realty continues to be the dominant leader in Arizona’s luxury real estate market.

Jim Lyon, Chairman of Russ Lyon Sotheby’s INternational Realty

Additional noteworthy achievements for Russ Lyon SIR in 2020:

  • CEO and co-owner Todd Gillenwater was named an AZ Business Leader
  • President and Designated Broker, Deems Dickinson, was named to the 2020 Swanepoel Power 200 List
  • The Russ Lyon SIR Relocation department received Cartus Platinum Status for their 2019 efforts
  • The brokerage was involved in 520 headlines
  • The brokerage received 1,642 earned media placements
  • The in-house marketing department created over 13,502 pieces for their Real Estate Advisors
  • 21 issues of their signature publication, Properties of Arizona, have been published
  • The in-house IT department developed a new communications platform, Lyon Text
  • The brokerage implemented a proprietary online platform, Lyon Connect, for marketing, production stats, listing data, tech tools and more.
January 20, 2021 by
Agency, Architecture, Business, Community, Entertainment, Real Estate

Todd Gillenwater Named Among AZ Business Leaders

 Russ Lyon Sotheby’s International Realty (Russ Lyon SIR) is proud to announce Todd Gillenwater has been named an AZ Business Leader.

Released annually by AZ Big Media, leaders are selected from a pool of more than 5,000 of the most innovative entrepreneurs and the best and brightest Arizona business leaders in healthcare, real estate, construction, education, baking, financial services, manufacturing, technology and law. Over the course of more than two dozen meetings, that list of 5,000 leaders under consideration was paired down to about 500 names, which the selection panel considered to be the most influential leaders in their industries. 

Prior to his role current role as CEO and co-owner of Russ Lyon Sotheby’s International Realty, Gillenwater worked as a sales associate, associate broker and managing broker expanding his experience and knowledge in the real estate industry. He founded the Russ Lyon Charitable Foundation, a 501(c)(3), in 2014 and is a part of its Board of Directors overseeing the philanthropic efforts put forth on behalf of the Arizona community.  

Todd has been the cornerstone of the RL Foundation. His foresight and commitment to community service encouraged him to establish our Foundation in 2014 as a vehicle to give all of our associates and employees the opportunity to come together for the benefit of each of the communities we serve.

Deems Dickinson, President and Designated Broker

To see the full list of the AZ Business Leaders, click here.

January 15, 2021 by
Agency, Architecture, Art, Business, COVID-19, Education, Entertainment, Inspiration, Real Estate, Technology, Travel

Russ Lyon SIR January Newsletter

Every Car Needs A Home: The new year means it’s auto season here in Arizona! Things may seem a bit different this season as some shows and auctions have decided to change their dates and host a more intimate setting for health and safety, but we’ve got a line up of lavish estates to get any car lover ramped up. Read more here

Home is Where the Heart Is: Whether by necessity or choice, home is not just our place of comfort and relaxation. Home is now our office, our gym, our favorite restaurant, our date night and more homebuyers and owners have discovered that their next purchase or renovation needs to match and accommodate their new lifestyle of being at home more than ever. Read more here

Design Trends of 2021: Elle Decor asked designers and industry veterans what they are forecasting as the top design trends moving forward into 2021. A neutral palette, relaxed seating, state-of-the-art entertainment equipment, and substantial dining tables are just a few of the trends that have emerged from all these days spent at home. Read more here

Sophisticated and Snug: 6 home features to chase away the chill this winter. With the winter months upon us, now is the time to create warm and cozy spaces for relaxing on chilly nights. While there are many tried and true strategies for making winter bright (with a steaming mug of mulled wine at the top of the list), set a foundation with inviting interior design. Whether you’re giving your current rooms a makeover or thinking ahead on inspiration, here are five sophisticated features to help welcome in the cheer. Read more here

Explore Switzerland: Every day, Sylvia Michel and her fluffy White Swiss Shepherd Rasta go on a hike through the perfect hills and valleys of Switzerland, and they take their Instagram followers along for the ride. Since COVID19 has kept many people in self isolation, travel-lovers around the world have been living vicariously through Rasta the dog’s daily adventures. Read more here

Upcoming Auctions: Following the guidelines for the Phase Four reopening of Manhattan, Sotheby’s is able to accommodate clients in their building by appointment only. For interest in upcoming auctions, to preview, or bid, click here.

January 1, 2021 by