News

Actions

Phoenix City Council OKs property-tax hike for residents

CORP-Digital-Default-Image-1280x720-KNXV.png
Posted at 12:57 PM, Jul 01, 2016
and last updated 2016-07-01 17:46:47-04

For the first time in more than 20 years, property taxes are going up for Phoenix residents.

The Phoenix City Council voted 5-4 Friday to approve the tax hike, which will cost an average Phoenix homeowner about $51 more per year.

The tax is based on property valuations from Maricopa County.

The city's estimate is based on a home that has a full-cash value of about $191,000. That's the average value in Phoenix.

City officials say the proposed tax increase would bring in about $37 million in new revenue that's needed so the city can pay its debts for bond projects.

Taxpayers will see the increase in their property tax bills from the county this fall.

Council members say the last time Phoenix had a property tax increase was 1995.