The Town of Florence is notifying its citizens of its proposal to increase primary property taxes in the amount of $62,130 or 2% over last year’s levy. The levy last year was $1,104,481 at a rate of $1.1060 per $100 of net assessed value.
The increase is based on a $100,000-dollar home. A $100,000 home at the current rate of $1.1060 per $100 of NAV is $110.60. A $100,000 home at the proposed rate of $1.0738 per $100 of net assessed value is $107.38, a decrease of $3.22 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 will 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 Town of Florence is publishing a Truth in Taxation Hearing Notice of Tax Increase. A public hearing will be held at 775 N. Main Street, Florence Arizona, on July 1, 2019 at 6:00 P.M. The ordinance to adopt the levy will be held at 775 N. Main Street, Florence, Arizona on July 15, 2019.