How is Property Tax and LPV calculated in AZ?

[Cooper Weisbach]

Hey everyone! I'm just trying to see how property taxes are actually calculated in Maricopa County, AZ. Based on what I read on TurboTax, the county assessor determines a home's full cash value(FCV). From there, a value called the limited property value(LPV) is calculated. Then an assessment ratio of 10% is applied to the LPV to get the assessed value for which tax rates are applied to. Just wondering if this was the correct process? Also, can anyone explain how LPV is calculated from FCV, and could someone give me an idea of what the tax rates have generally been in the past five years/what makes one tax rate applicable to your property as opposed to a slightly higher or lower tax rate? 

Thanks!