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I wish that a 700K house in california taxes were only 5k. Property taxes are 1 to 1.25 percent depending on the county so that would be 7 to 9 thousand a year

@LIVING_IN_ARIZONA

8 ай бұрын

Yikes that is pretty high. Our property taxes here are around 1% as well, but it's based off the full cash value the assessor gives rather than the purchase price which makes a huge difference 😊Gotta love those complicated tax rules haha

Good info. How about a vid on primary residence in AZ and working in CA? - Tax implications?

@LIVING_IN_ARIZONA

Жыл бұрын

That's a great question! And a great idea for a video we can add to our list to cover. 🙌 When it comes to living in AZ but working in CA, there are definitely some tax implications to be aware of to make sure you file correctly and of course get all the benefits and discounts possible. 🤓 In the meantime before we put the video out, here are resources that might be helpful to check out! 👇 ttlc.intuit.com/community/state-taxes/discussion/i-am-a-resident-of-arizona-but-i-work-in-california-do-i-need-to-file-to-taxes-in-both-states/00/131232 azdor.gov/individual-income-tax-filing-assistance/determining-filing-status-nonresidents-and-part-year www.ftb.ca.gov/file/personal/residency-status/part-year-and-nonresident.html www.taxslayer.com/blog/living-in-one-state-working-in-another/

Great

@LIVING_IN_ARIZONA

Жыл бұрын

Thanks for checking out the video! Hope the info was helpful 😄

Thanks for the info on AZ property taxes. I am a retired long time California desert dweller and considering escaping to AZ. Seems like lower housing costs, lower taxes, lower overall cost of living compared to CA makes a move look pretty good. Not to mention the overall freedom from tyranny AZ folks have! Gonna have to have a big garage sale!

@LIVING_IN_ARIZONA

Жыл бұрын

Yeah compared to CA the cost of housing and property taxes in AZ is much lower! As long as you don’t mind those hot summers (just find somewhere to escape to for a few months lol) it’s a great place to live! 😄 If you need any help finding a place here when you move just let us know!

I’m wondering if you can answer another question. What about buying a new build in Arizona. For the longest time they tax you on a dirt lot. Whenever they do decide to tax it with the new value do you have to pay back taxes for that new amount?

@LIVING_IN_ARIZONA

Жыл бұрын

Great question! When buying a new build home in Arizona you do not have to pay for the property taxes or be liable for taxes until you close on the home which happens once the home is done being built. You will not be taxed for the time before that when it is just a vacant lot. The taxes kick in once the home is complete and you close on the property at the end. Hope this info makes sense and if you have any other questions just let me know! 😊

So why is the assessed cash value so low in AZ? It seems like it would be in the best interest of the county to assess the value close to the sales price. Or is this basically saying that the sales prices are so over inflated in AZ, even the taxman knows it’s too much? Or is it there is an annual limit on how much the county assessor can raise the value of a property? Similar to California’s proposition 13. Anyway once the Zillow‘s and the OpenDoor’s eliminate their huge positions in Arizona the property values are good to crash anyway. It’s too bad because Arizona is a very nice day but the government has allowed this big corporations to manipulate their market

@LIVING_IN_ARIZONA

Жыл бұрын

Awesome question! Yes, it’s because there is a limit to how much the assessor can raise the full cash value of the property. It is a very unique way of doing it, but it’s nice since it helps you have such a lower property tax bill 👍 Yeah the investors and ibuyers have been buying a ton of inventory all over the US (Arizona included) and now that the market is normalizing and the supply is up and demand is down, they are able to get homes for an even better deal so the private and large investors will continue to keep at it. I totally agree, Arizona is a very nice place! lived here my whole life and love so much about it. Yeah the market is constantly shifting, and right now the good news is that buyers can get a great deal on a home since the market is normalizing and buyers have more power in the negotiation. Then you can refinance in the future when rates go down! 🏠

Is investment property tax higher?

@LIVING_IN_ARIZONA

11 ай бұрын

Thanks for checking out the video and great question! Short answer is yes, taxes can be higher for an investment property. But there are lots of tax advantages as well. Here is the long anwer: Arizona law requires owners to register their rental property with the County Assessor. The county taxes your rental at a higher rate than what you pay on your primary residence. Rental registration can be completed online and is mandatory. There’s also a Transaction Privilege Tax (TPT) which owners must pay. It’s similar to a sales tax on the income you receive and is payable to the city in which your property is located. You need to apply for a TPT tax license, file a monthly tax return, and send in your payment. Finally, there’s the state and federal income tax that must be paid on any and all of your investment properties. This site has a lot more great info about taxes, fees, and things to know about investment properties in Arizona! www.leaseaz.com/blog/tax-implications-of-investing-in-phoenix-rental-properties

Is it mandatory to have home insurance if I buy a home outright in Arizona?

@LIVING_IN_ARIZONA

Жыл бұрын

Great question! If you buy a home outright in cash you are not required to have homeowners insurance. But still might be a good idea to have it depending on the situation. If you are financing and getting a mortgage the lender will require you to have the insurance. 🏠

My dad and mom passed away, and they both left me their house in Arizona. My question is when do I pay the property tax, and will I get it sent in the mail? Thank you for your time... Take care, and God Bless you and your family.

@LIVING_IN_ARIZONA

Ай бұрын

Great question and thanks so much for reaching out! It will depend on a few things. If they had a mortgage on the home and the mortgage is still being paid off, part of that should include an escrow account that will pay the taxes for you automatically. If they bought the property with cash or have paid off the mortgage and own the property free and clear, you can pay the property taxes through the Maricopa County Assessor site. Click the link below then follow these directions: enter the address of the property or the name of the person on title (your parents name or your name), When the results come up, click the APN number to pull up the record. Then click the button that say "View/Pay Tax Bill" and it will take you to the county site for you to get the taxes all paid for the year. www.mcassessor.maricopa.gov/

@toomuchcoke233

Ай бұрын

@@LIVING_IN_ARIZONA They still owed 60K on the house, so it's not paided off yet, but with the trust that they left me and my siblings we were going to pay off the rest of the house with the trust. My brother and his fiancé is going to live in the house with me. My brother has rented a house but never paid property tax either. I saw on Google that the Arizona Treasury sends the property tax in the mail on September 1st, and is due on October 1st and delinquent November 1st.

@toomuchcoke233

Ай бұрын

​@@LIVING_IN_ARIZONA Thank you for that site btw it shows for 2023 is already paid for in property tax, and showed the value of the home... Take care, and God Bless you and your family.

@LIVING_IN_ARIZONA

Ай бұрын

@@toomuchcoke233 Yeah you can check that site any time in the future to see what it due for property taxes and if it has been paid. 😊

@LIVING_IN_ARIZONA

Ай бұрын

Awesome so glad it worked out!

How many family persons can legally live in a 2 bedroom home in Arizona?

@LIVING_IN_ARIZONA

Жыл бұрын

Arizona law states that a two person per bedroom occupancy limit is presumed to be reasonable. However, if the homeowner or occupant desires to have more than that they are legally allowed to. But it would also depend on if you are using the home as your primary residence or if you are using it as a rental property. When the property is used as a rental there are more strict laws and tenants rights.

@kenkoh1724

Жыл бұрын

@@LIVING_IN_ARIZONA oh that's great. My family of 5 don't care if we live in a small home, just cannot afford high property tax.

@kenkoh1724

Жыл бұрын

Does the county send someone to assess your house value every year for property tax?

@LIVING_IN_ARIZONA

Жыл бұрын

@@kenkoh1724 The good thing is that Arizona has some of the lowest property taxes! Around 1% of the full cash value of the home, so typically less than 1% of the price of the home when it comes to property taxes 😊

@LIVING_IN_ARIZONA

Жыл бұрын

@@kenkoh1724 the property is assessed yearly for tax purposes, but usually with the info they have from records, any recent appraisals, and market stats. They typically do not come out to the home in person.