Prescott Property Taxes
General (Ad Valorem) real estate tax raises the funds for the operation of the different local government agencies. For the owners of real estate in Prescott, this would encompass the City of Prescott and Yavapai County.
Ad valorem is synonymous with and means the “assessed value” of the real estate that is being taxed.
Although the exact process for levying and collecting real estate taxes is different among states, the standard process follows these three steps:
- Local governments prepare a budget to see how much money that they will actually need to function and serve the public
- An assessment of value is made for all of the real estate that is considered taxable property in the taxing district
- A tax rate is determined and used to figure out the tax bill for each individual property owner
The Prescott Real Estate Tax Man
( ok, I can here you hissing at your screen right now… please folks, not so loud )
When it comes to Prescott Arizona real estate, Yavapai County Treasurer Ross Jacobs has been elected to take care of the collection and apportionment of taxes in the county. He is responsible for both personal and real property taxes. He’s also been tasked with dealing with an array of other entities such as the local community college, schools, fire districts, and special districts and cities in Yavapai county when it comes to taxing entities.
According to the Yavapai County government website, there’s approximately $500 million dollars received and remitted by the county each year.
Yavapai County Treasurer’s Office has a web page that will give you all the information you need to know as a property owner regarding your specific parcel of land and the tax you own on your real estate. You’ll find all this information through this link.
Although most real estate is subject to government taxation, there are exceptions to the rule. The following types of property would be exempt from real estate taxes in most states.
- Property that is owned by federal, state and local governments
- Municipal land like parks and schools
- Property owned by religious and charitable organizations
- Hospitals
- Educational institutions