The Town Council will consider a proposed 1.5% increase in primary property tax that the Town of Florence collects at the Town Council meeting on Monday, July 7th. The meeting starts at 6:00pm and is located at the Council Chambers at Town Hall, located at 775 North Main Street.
If the increase is approved, the Town will increase the funds the Town collects from property taxes by a cumulative total of $12,664. A homeowner with an assessed value, as determined by the Pinal County Assessor’s Office, of $100,000 will realize an increase in property taxes of $1.66 for the year.
However, property owners may or may not notice an increase in their primary property tax bill. As determined by State Statute, 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, school district, county, etc., exceeds 1% of the primary assessed value of the home, the school district will reduce their rate until the homeowner’s aggregate rate is equal to or less than the allowable 1%. The State then subsidizes 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.
In addition to this press release and in compliance with State Statute, the Town of Florence is publishing this notice:
Truth in Taxation Hearing
Notice of Tax Increase
In compliance with section 42-17107, Arizona Revised Statutes, The Town of Florence is notifying its property taxpayers of Florence’s intention to raise its primary property taxes over last year’s level. Florence is proposing an increase in primary property taxes of $12,664 or 1.51%.
For example, the proposed tax increase will cause Florence’s primary property taxes on a $100,000 home to increase from $110.16 to $111.82 or $1.66.
This proposed increase is exclusive of increased primary property taxes received from new construction. The increase is also exclusive of any changes that may occur from property tax levies for voter approved bonded indebtedness or budget and tax overrides.
All interested citizens are invited to attend the public hearing on the tax increase that is scheduled to be held July 7, 2014, 6:00 P.M. at Florence Town Hall at 775 N. Main Street, Florence, AZ.
For questions about the primary property tax assessed by the Town of Florence, contact Mike Farina, Finance Director, at (520) 868-7505.