Seniors in Maricopa can apply for “senior savings,” which provides financial relief to people on fixed incomes, but there are only a few days left to qualify.
Pinal County’s Senior Property Valuation Protection option, also called Senior Freeze, is available to homeowners age 65 and older, provided the owner meets certain income, property and residency guidelines.
“Under Arizona property tax law, you can freeze the taxable value of your primary residence for up to three years,” said Douglas Wolf, Pinal County tax assessor.
The freeze will remain in effect regardless of future increases or decreases in property values, Wolf said.
First-time applicants may submit their application in person at the Appraiser’s Office, 31 N. Pinal St., No. E in Florence.
The ban can be extended after three years if the property owner continues to meet the requirements. This will not freeze your property tax bill, but the property valuation will.
The application deadline is September 1st.
The lock only applies to the limited property value and remains frozen even in the event of a declining property market. Any changes to the property such as new construction or demolition that alter your overall cash value will result in the lock being lifted.
Advantages of a value lock for priority properties:
- Stability in property tax assessment.
- Seniors on fixed incomes can benefit from a lower property tax increase, providing them with financial relief.
- Seniors can continue to live in their usual homes.
- It helps maintain the value of your property.
- It can reduce financial stress for seniors.
- It provides access to limited resources.
- Seniors can continue to be part of their community.
To qualify, a property owner must be at least 65 years old at the time of application.
The property must be the property of the primary residence. A primary residence is a property that is occupied by the owner for nine months of the calendar year.
A qualified owner can have only one primary residence and must have lived there for two years at the time of application. This protection covers up to 10 acres of land, including the primary residence, which is identified by a parcel number.
An Arizona driver’s license can prove that a person has lived in the home for two years. If your license is less than two years old, the property owner must provide documentation proving that you have lived at your current address for at least two years. This may include a voter registration card, utility bill or vehicle registration.
If the property is held in trust, provide proof of trusteeship with the application to establish title. Any change in ownership may result in loss of the lock.
To determine eligibility, the total gross income (taxable and non-taxable) of all owners is taken into account.
When applying for property assessment protection, documentation (Forms W-2, 1099, and tax returns) verifying total gross income, residency, and age must be submitted with the application. Applications must be submitted in person to the assessor’s office. Applications by mail will not be accepted. The following list provides examples of acceptable income verification forms:
- Federal income tax return
- Dividends and interest
- Farm/agricultural income
- Veterans Disability Insurance.
- Maintenance payments/social benefits
- Social security benefits
- Capital Gains/IRA Income
- Rental and license income
- Workers’ compensation insurance
- Retirement/pension and pension
- Wages/Salaries/Tips
- Disability compensation
- Retirement from the railway
- Unemployment in Arizona
The assessor will notify the property owner six months before the end of the current period, reminding him or her that he or she must requalify to maintain protection.
