(Published on - 10/17/2015 8:14:22 PM)
The above link will be of assistance if you are a property owner who rents out any property you own. Make sure you understand the rules and requirements of registering your property with the county so that it is appropriately classified for tax assessment purposes.
Pursuant to A.R.S. § 33-1902 any property that is used solely as leased or rented for residential purposes must register certain information related to the property and its ownership with the assessor in the county which the property is located.
Registered rentals occupied by a qualified family member as their primary residence per A.R.S § 42-12003 will be classified as a legal class 3, primary residence. Registered rentals occupied by non-qualified family members will be classified as a legal class 4.2, rental/leased residential.
Additionally, the property tax amount you pay may likely be higher as a rental. To that end, it is important to check on your tax record to make sure you're in compliance if you do have a property leased to tenant(s) or, just as important, make sure that you're not paying a tax amount based on a rental property when you actually reside in the home (it's your personal residence).
Need to register? Forms are available on the county's website! Click here: http://mcassessor.maricopa.gov/forms/
Be safe and register your rental properties!