| Owning a home is a good investment stereotyped | | | | choose one of these methods, it depends on technical |
| phrase nowadays. Its also a place to live, place to be | | | | considerations such as the accuracy of each method |
| with our family. It gives freedom, stability and security | | | | for that area and the number of sales available for |
| to our life. There are some financial expenses like | | | | analysis. Owner-occupied residential properties and |
| upkeep, insurance, real estate taxes - which must be | | | | residential rental property are assessed at 10% of full |
| paid. If someone plans to move to Arizona, it is | | | | cash value. The average tax rate on homes in |
| indispensable to look after Arizona taxes. Some taxes | | | | Arizona before exemptions and rebates is |
| are lower, some taxes are higher, compared to other | | | | approximately 1.3% of market value or 13% of |
| states. For example Arizona charges a property tax | | | | assessed value. |
| for automobiles. It is paid along with the vehicle | | | | It is important to note that Arizona property taxes on |
| registration. But real estate taxes might be lower. | | | | owner-occupied residences are levied based on the |
| Owner-occupied residential properties are checked by | | | | Assessed Value, not current market value, because |
| local assessors in Arizona. They use computerized | | | | people usually get confused about that. The assessed |
| systems to value residential property for property tax | | | | value is always lower than market price, and it is |
| purposes. Besides they use replacement cost new | | | | important to use this number when we calculate taxes. |
| less depreciation or sales analysis method. They | | | | |