Seniors may freeze their home value

The deadline for senior property valuation applications is fast approaching.

A senior property valuation, or as it is better known ‘Senior Freeze,’ allows those approved to freeze their assessed home value.

Assessed home values are released annually by the county assessor and typically rise 10 percent; it is from these assessed values that the amount of property tax homeowners pay is determined.

“This is an important program approved by the state that allows us to freeze the full cash value of a primary residence,” Pinal County Assessor Paul Larkin said. “What this does is provides a greater degree of financial stability for people with qualifying low incomes.”

In order to qualify for the assessment freeze, at least one of the property owners must be 65 at the time of application. Also there are income restrictions for qualification; for a one-owner property, the income limit is $30,576. If there are two or more owners, the limit is $38,220. Income is verified using tax returns, W-2 forms or 1099 forms.

Once approved, the valuation freeze lasts for three years, and, six months prior to the expiration of the freeze, the homeowner is mailed forms to re-apply.

“The actual tax bill may fluctuate from year to year, but because the full cash value of the property is frozen, people on low or fixed incomes should see less movement in the total tax amount,” Larkin said.

For those interested in applying, more information is available at (520) 866-6363.

The filing deadline is Sept. 1.

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