A “jobs bill” passed last year aims to create more jobs in Arizona, but it may cost careless homeowners up to $600.
The 214-page law approved large tax cuts for businesses that will happen over four years. However, in order to make sure the reduction in what businesses pay is not transferred to homeowners, the law also includes a section that requires homeowners to sign an affidavit to ensure they are living in their home.
Homes in Arizona are classified as either Class 3, owner occupied, or Class 4, investment properties. The difference is that Class 3 homes receive a state aid rebate in property taxes.
The new law will classify every home as Class 4 until the homeowner signs an affidavit claiming they live in their home.
To make sure you receive your tax rebate watch for your Property Notice of Evaluation in the mail. It will not be a postcard this year, but will be in the form of a legal-sized letter.
The affidavit included in the letter must be completed and returned to the County Assessor within 60 days or the residential property will be reclassified as Class 4.
• Briefs compiled from staff and wire reports.