Photo courtesy of Deposit Photos
As part of its Fiscal Year 2024 Budget process, the City is considering an increase in the primary property tax. The Truth in Taxation Notice of Public Hearing is provided below in its entirety:
Truth in Taxation Hearing: Notice of Tax Increase
In compliance with Section 42-17107, Arizona Revised Statutes, the City of Prescott is notifying its property taxpayers of the City of Prescott’s intention to raise its primary property taxes over last year’s level. The City of Prescott is proposing an increase in primary property taxes of $283,069 or 14.86%.
For example, the proposed tax increase will cause the City of Prescott’s primary property taxes on a $100,000 home to increase from $21.94 (Total taxes that would be owed without the proposed tax increase) to $25.20 (Total proposed taxes including the tax increase).
This proposed increase is exclusive of increased primary property taxes received from new construction. The increase is also exclusive of any changes that may occur from property tax levies for voter approved bonded indebtedness or budget and tax overrides.
All interested citizens are invited to attend the public hearing on the tax increase that is scheduled to be held Tuesday, June 27, 2023 at 3:00 pm at the City Hall Council Chambers, 201 North Montezuma Street, Prescott, Arizona.
