Taxes are very difficult to explain. Festival is a newer area developed in the last few years. It didn't even exist over 5 years ago. When homes were first built there, the tax rates and values were based upon land and property values without the real estate/house being built. Then they adjusted up when they were reassessed after the homes were built. Home and assesed values are differet but both have increased in the Festival area. If you have questions regarding specific properties, feel free to contact me as I live and work in the Buckeye area.
Edie Wood, Realtor
Arizona Team Realty
I work and live in Buckeye, AZ. Since 2007, my taxes have decreased--until 2012 when they went up a couple of bucks. I am expecting them to go up a little bit more for 2013. However, since we hit bottom in 8/2012, we have seen dramatic increases in property values. My taxes have not gone up nearly as much as the 25% increase in my property value.
Your tax amount isn't based on how much your home is worth. http://www.Prop13Arizona.com does a good job explaining how crooked our tax system is.
This is the rough explanation of how it works. Each year the state and local municipalities figure out how much money they need, then they ask the tax assessor how much $$ in property values are out there then they figure how much is your share.
If we had a set tax rate, then if your home went down, then your taxes would go down. But the tax rate changes each year to make sure you pay your FAIR SHARE!