Property Taxes - Q & A Phoenix Arizona

Property Taxes - Q & A
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Q: How do property taxes work?
A: Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.

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Q: Are property taxes deductible?
A: Property taxes on all real estate, including those levied by state and local governments and school districts are usually fully deductible against current income taxes. Check with your tax professional.

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Q: Where can I learn more about appealing my property taxes?
A: Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal process, which begins with an appeal filed with the appropriate assessment appeals board.

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Q: How is a home's value determined?
A: You have several ways to determine the value of a home.
An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.

A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. Most agents offer free analyses in the hopes of winning your business. So Contact Linda Wieczorek

You also can get a comparable sales report for a fee from private companies that specialize in real estate data. You also can find comparable sales information available on various real estate Internet sites.


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Q: Are taxes on second homes deductible?
A: Interest and property taxes may be deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics.

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Q: What is an impound account?
A: An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.

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Copyright 1999 Inman News Features

Fannie Raises Limit on Investor and Second Home Borrowers from 4 to 10 Financed Properties in Arizona:

At the urging of NAR, Fannie Mae announced a new policy on February 6, 2009, to allow Phoenix investors and second home buyers to own up to 10 financed properties. The new policy takes effect on March 1, 2009, and replaces the current 4-property limit. The restriction applies to the total number of financed properties, not just to the number sold to Fannie Mae.

Phoenix property investors and second home borrowers that seek to own between 5 and 10 financed properties must meet additional eligibility requirements:

Borrowers must have a credit score of at least 720.
The maximum loan-to-value ratio is 70% or 75%, depending on specified criteria.
Borrowers may not have any history of bankruptcy or foreclosure in the past 7 years, or any mortgage delinquencies of 30 days or greater within the past 12 months.
Reserve and other requirements also apply.
Build your Phoenix Investment Property portfolio with expert advisement and guidance.

Contact Linda Wieczorek AZhomes4u@gmail.com (602)391-8246
for investments properties.

Arizona Real Estate & Swimming Pool Barrier Laws

As a parent of 2 wild boys 6yr old and a 12yr old and long time resident of the valley this is something that is very close to my heart. Summer in Arizona is right around the block. Well it felt that way Sunday 03/01/2009. Summer will be here very fast with thoughts of backyard barbecues, trips to lake, tubing down the Salt River and lounging by the swimming pool and cooling off.
On Sunday I went to Buckeye to pick up a client to show her some homes and we were sitting in her backyard talking and I could here the kids next door jumping in the pool... I thought crazy kids, that water was cold, I could here them screaming and laughing having a ball, it's only the 1st of March I thought. That's when I decided to blog early about pool safety...

But with summer comes the gut wrenching, heart breaking and almost inevitable chain of very tragic news stories. It goes without saying, or at least it should, ALWAYS, ALWAYS, ALWAYS WATCH YOU KIDS AROUND WATER!

When it comes to purchasing a home in Arizona with a pool The Arizona Association of REALTORS® (AAR) Residential Resale Purchase Contract states in section 6g lines 217-220;

“Swimming Pool Barrier Regulations: During the Inspection Period, Buyer agrees to investigate all applicable state, county and municipal Swimming Pool barrier regulations and agrees to comply with and pay all costs of compliance with said regulations prior to occupying the Premises, unless otherwise agreed in writing. If the Premises contains a Swimming Pool, Buyer acknowledges receipt of the Arizona Department of Health Services approved private pool safety notice.”

Buyers, I hope you got that; per the standard residential purchase contract you are agreeing to investigate the laws, comply with the laws and pay all costs of compliance with the laws prior to occupying the premises. Buyers must complete this investigation during the Inspection Period, typically the first 10 days from the date of contract acceptance.
When choosing a home inspector, be sure to ask if they are up to date with the state, county and municipality Swimming Pool Barrier Laws for the area the home is located in. Request that they put in writing their findings on the status of the home’s pool barrier. If the barrier is found not to be up to code some of your options might be; request that the seller bring the barrier up to code, cancel the contract, or pay for the barrier to be brought up to code out of your own pocket.

Arizona’s Swimming Pool Barrier Laws can vary from county to county and city to city. At a minimum A.R.S. §36-1681 requires that all residential swimming pools are enclosed by a barrier. The Phoenix Association of Realtors® has put together a brief summary of several county and city laws regarding pool barriers. While this summary is not a complete detailing of the laws it is a good place to start. The Arizona Association of Realtors® has compiled a list of Pool Barrier Law Contact Information to help buyers obtain a copy of the pool barrier law requirements that may affect the property being purchased.

Some last words of advice. Do NOT count on barriers to keep children from reaching the pool. No barrier is foolproof. Barriers only slow a child’s access to the pool. Do NOT be distracted by phone calls, doorbells, or chores while children are in the pool. Attend CPR classes. Lock passageways (such as pet doors) leading to the pool. Never leave children unsupervised in the pool, around water, or inside the pool area - not even for a second! No amount of water is too small for a child to drown in.