Have you received your 2015 Property Valuation Notice yet? If not, it's likely in the mail.
Here's what you should know from your notice:
1. The right 'legal class' classification. If you purchased a home in the last few years, and this property became your primary residence, and your real estate agent did a good job, then it should not be classified as a rental property. Look for the legal class as "3". Not only your property needs to be the right classification for not being a rental property, but you will save property tax dollars as well.
On the other hand, if the property you purchased is a rental property, then it must be classified in 'legal class' 4. If it is classified as a primary residence (legal class 3), then you must register the property (legal class 4) with the county assessor pursuant to state law, subject to a per diem civil penalty. And the property is subject to the landlord and tenant act.
But there is one exception. A property leased/rented to a qualifying family member of the owner and used as a primary residence.
2. And.., the second thing to know is that the passed proposition 117 limits the increase to 5% of the limited property value used to calculate primary and secondary taxes.
Of course, you should refer to your notice for any information on the above and consult the appropriate professionals should you have any questions.
Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate
#Phoenix Scottsdale Homeowners: What You Should Know About Your 2015 Property Valuation Notice