How do property tax exemptions work?

Property tax exemptions in Arizona work by reducing the taxable value of a certain property. Exemptions can be applied to both real estate and personal property. An exemption may be a fixed dollar amount or a percentage of the assessed value of the property. In order to qualify for an exemption, the property must meet certain criteria. For instance, in Arizona, a property tax exemption is available for residential homes. To qualify for the exemption, the home must be the primary residence of the property owner. Additionally, to receive the full amount of the exemption, the homeowner must have owned and resided in the property for at least one year before filing for the exemption. Other exemptions may include non-profit organizations, veterans, churches, or homeowners who are elderly or disabled. Depending on the type of exemption, there may be additional requirements that must be met before the exemptions can be applied. In Arizona, exemptions must be applied for on an annual basis and must be filed by February 1st of the tax year. The governing authority in your area will have more specific information on the exemptions available and the requirements for receiving them.

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