In a move that will benefit both residents and businesses, the Queen Creek Town Council recently approved a significant reduction in the primary property tax rate. With the passing of ordinance 813-23, existing residents will see a decrease in their property tax rate from $1.83 to $1.72 per $100 of assessed value. This decision stems from Resolution 1500-22, which was approved last year and aims to freeze the amount of taxes paid by property owners in Queen Creek by gradually lowering the property tax rate as property values increase.
This reduction allows the Council to pass on savings to residents without compromising investments in public safety. The positive impact of this decision is twofold – it showcases Queen Creek’s desirability as a place to live while providing financial relief for property owners.
Residents can expect to pay approximately the same amount in property taxes for the fiscal year 2023/24 as they did last year. This amounts to around $441 annually for a median value home. However, the lowered tax rate translates to savings of $58 for the median home, with a projected cumulative savings of $553 over the next five years. It’s important to note that the Town’s property tax revenues will increase solely through taxes from new construction of homes and businesses. The tax rate remained at $1.95 until 2020 when the Town Council took the step to reduce it to $1.83 per $100 of assessed value.
Visit the official website: QueenCreekAZ.gov
For additional info, here’s the town’s budget allocation:
Source: Town of Queen Creek Arizona
