The Coconino County Assessor’s Office is accepting applications for the Senior Value Protection Option, commonly known as the “Senior Value Freeze,” which freezes the full cash property tax value for property owned by low-income seniors for up to three years.
Under the program, home and property owners must continue to pay their property taxes at the same rate as all other properties in the taxing district, but the Full Cash Value of a person’s property is frozen for up to three years. Applications are due Sept. 1.
To qualify, a homeowner must be at least 65 years of age and the property must be the person’s primary residence for nine months of the year. The owner must have lived in the primary residence at least two years prior to applying for the program and the applicant must also meet income guidelines set annually by the state.
The freeze terminates if the owner sells the home or is no longer eligible to participate. The property will then revert back to its current Full Cash Value as determined by the County Assessor’s Office.
Application forms and specific requirements for the Senior Property Value Protection Option are available at the County Assessor’s Office at 110 E. Cherry Avenue in Flagstaff or at http://www.coconino.az.gov/index.aspx?nid=119. For more information, please call 928-679-7962 or toll-free at 877-679-7120.