The Town of Florence is notifying its citizens of its proposal to increase primary property taxes in the amount of $15,084 or 2% over last year’s levy. The levy last year was $742,281 at a rate of $1.0413 per $100 of net assessed value. The proposed levy is 757,365 at a rate of $1.0517 per $100 of net assessed value. This amount does not include new construction.
The increase is based on a $100,000 dollar home. A $100,000 home at the current rate of $1.0311 per $100 of NAV is $104.13. A $100,000 home at the proposed rate of $1.0517 per $100 of net assessed value is $105.17 an increase of $2.06 per $100 of net assessed value.
The primary property tax for homeowners may not exceed 1% of their home’s primary assessed value. If the combined primary property tax for town, county, etc., exceeds 1% of the primary assessed value of the home, the school districts reduce their rate until the homeowner’s aggregate rate is equal to or less than the allowable 1%. The State will then subsidize the school district for the reduced revenue. This 1% limitation only applies to primary property taxes and does not affect the secondary property tax levy. You may or may not notice an increase to your tax bill if you are a homeowner.
The public is invited to attend the public hearing held at 775 N. Main Street, Florence Arizona, on July 2, 2012 at 6:00pm.
For additional information, contact Becki Guilin, Town of Florence Finance Director, at (520) 868-7505.