Property Valuation Freeze for Owners 65 or Older

(The following is taken from the Arizona Attorney General’s Office Website)

WHAT IS IT?

The Senior Valuation Protection Option freezes the property valuation of residential homeowners who are 65 years of age or older if they meet specific qualifications and make application to the County Assessor. The valuation freeze is for three years and may be renewed at the end of the third year. This does not freeze your property tax bill but it does freeze the property valuation.

WHO QUALIFIES?

To qualify, you must meet the following criteria:

1. Property owner must be 65 years of age or older.
2. Property must be the primary residence and the owner(s) must have resided at the residence for at least 2 years.
3. Property owner(s) annual income must be under $30,576 (one owner) or $38,220 (two or more owners).

HOW TO APPLY?

Make application to the County Assessor on a Form “DOR 82104” available from the Assessors Office. Filing deadline is Sept. 1.

The following documentation must be submitted with the application:

1. Proof of age: birth certificate, driver’s license, passport.
2. Proof of residency: driver’s license showing address for last two years, tax return for last two years showing physical address, utility bill dating service at address for last two years.
3. Proof of income: must include documentation of income of all owners listed on property title for previous three years to include IRS tax returns, Social Security Benefit statements, AND ALL OTHER SOURCES OF INCOME (nothing is excluded).

APPLICATION PROCESSING RESULTS: Applications will be processed and property owners will be notified as to qualification status by December 1 of the application year. Applicants who qualify will have the property valuation frozen for the year of application and following two years. A renewal application will be sent to the property owner at the end of the third year to allow for reapplication.

STATUS CHANGE: The freeze applies only to the Full Cash Value. It does not apply to the Limited Property Value or the Tax Rate. The Freeze applies to a residence and land up to 10 acres with the residence. CHANGE IN OWNERSHIP, RESIDENCY STATUS, INCOME STATUS etc. may nullify the Senior Property Valuation Protection Option. NEW CONSTRUCTION will be added to the property valuation and will be subject to taxation.