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Are You Prepared for the Arizona Commercial Real Estate Property Tax Appeal Deadline in April?

Tax Development Mar 20, 2023

Are You Prepared for the Arizona Commercial Real Estate Property Tax Appeal Deadline in April?

The 2024 Arizona property tax appeal deadlines are quickly approaching. Property owners should be prepared for increases in the 2024 full cash value for their property tax assessments; however, the full cash value is not taxed in Arizona. Arizona has property value caps with the limited property value (LPV), which is the sole taxable value, that is capped at a 5% increase. Because of property value caps, the market value of the property must be below the LPV to generate any tax reductions on an appeal. Thus far, the LPVs are lagging well behind the true market value of the property, which limits appeal opportunities. The 5% value caps do not apply if there are substantive changes like new construction, major renovations that exceed 15% of the full cash value, parcel splits or consolidations, and changes in use. In these cases, the 5% cap is removed, and a reset of the LPV (Rule B LPV) is done to make it equitable with similar properties for the tax year that the change occurs.

Special attention to the assessments in the year of the change is extremely important because any appeal reduction in a year of the change can dramatically impact your LPV (taxable value). Once the property is reassessed, the 5% LPV will apply in all subsequent years until there is another major change to the property. Arizona limited property value (LPV-taxable value) resets can significantly impact your property taxes, up or down, depending on what changes you make to the property and when those occurred.

Important to note:

  • Assessment notices are issued before March 1.
  • Appeal deadlines are 60 days after the 2024 mail dates.
  • Arizona limited property value (Rule B LPV) resets provide a special planning opportunity.

The experts at Ryan assist Arizona property owners with the annual assessment review and property tax appeals, if an appeal is warranted. Our team includes some of the most highly credentialed and experienced consultants in the industry. Contact us today for assistance with your appeal.

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Jeff Nolan

Richard Fogarty

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at