This make NO sense... property tax question....

[Zoey W.]

I live in AZ and googled "Do property taxes go up every year in Arizona?"... the answer google gave was:

"Arizona is the No. 3 state predicted to have the greatest property tax increase in five years, or by 2027. With average annual property taxes jumping from $1,956 next year to $4,785 in five years, residents can expect to see an increase upwards of $4,785."

This makes NO sense to me as I thought property taxes CANNOT be increased by more than about 2% each year IF you are holding onto the property long-term either as primary residence or as a rental. My property taxes right now are $1,600/year and I bought my house for 590k last year. I certainly hope it will NOT increase property taxes by more than 2% or 5% each year??? How on earth can property tax jump from "$1,956 next year to $4,785" as google states. That is CRIMINAL.

I assume the above does NOT apply unless you are buying new house which could drastically increase property tax rate.... and what if you renovated your house that you bought a few years ago and it is now appraised for higher price... what then? I hope that property tax still CANNOT be increased y more than 2% each year if you are holding onto the property??? I am going to be renting this house out next year.

Thanks.

[Chris Seveney]

Quote from @Zoey W.:

I live in AZ and googled "Do property taxes go up every year in Arizona?"... the answer google gave was:

"Arizona is the No. 3 state predicted to have the greatest property tax increase in five years, or by 2027. With average annual property taxes jumping from $1,956 next year to $4,785 in five years, residents can expect to see an increase upwards of $4,785."

This makes NO sense to me as I thought property taxes CANNOT be increased by more than about 2% each year IF you are holding onto the property long-term either as primary residence or as a rental. My property taxes right now are $1,600/year and I bought my house for 590k last year. I certainly hope it will NOT increase property taxes by more than 2% or 5% each year??? How on earth can property tax jump from "$1,956 next year to $4,785" as google states. That is CRIMINAL.

I assume the above does NOT apply unless you are buying new house which could drastically increase property tax rate.... and what if you renovated your house that you bought a few years ago and it is now appraised for higher price... what then? I hope that property tax still CANNOT be increased y more than 2% each year if you are holding onto the property??? I am going to be renting this house out next year.

Thanks.

 Welcome to the real world. Quick google search notes in Arizona taxes cannot increase by more than 5% per year, but that is for existing homeowners who have not done any renovations. If you upgrade a property you increase its value thus its taxes. When a house sells the county can reassess and issue new taxes. Wait until you get your new property insurance bill too and see that doubled.