Current Research on Non-Degree Credential Quality Market Landscape
This research project led by Michelle Van Noy, Ph.D., aims to understand key actors promoting quality in non-degree credentials, analyzing influences on the quality market, and examining efforts in three states with a focus on non-degree credential quality. The study uses a conceptual model to explore outcomes of value, credential design, competencies, and market processes in community college noncredit education.
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Presentation Transcript
Arizona Property Tax Assessed Valuation Amendment Voter approved during the November 6, 2012 General Election August 26, 2015 Shannon Duus Director of Finance
Full Cash Value vs. Limited Property Value There were values used in determining your tax bill. Full Cash Value (FCV) Limited Property Value (LPV)
Full Cash Value (FCV) reflects market value (appealable) Limited Property Value (LPV); a value calculated (according to a statutory formula), to reduce the effect of inflation on property taxes. LPV can be equal to FCV; however the LPV can never be higher than the FCV.
The Full Cash Value(FCV) used to compute secondary taxes which may consist of bonds, budget overrides, and special districts The Limited Property Value (LPV) Used to compute primary taxes the basis for assessing, fixing, determining, and levying of primary property taxes only. (maintenance and operation of school districts, cities, community college districts and counties)
The voters approved Prop 117 for calendar year 2014; for the 2015 tax year Primary change: It caps the annual increase of the value used to calculate property taxes No more than 5% over the value of the property from the previous year, beginning with the 2015 tax year. Previously, there was no cap to limit on full cash value.
Taxes are no longer calculated using FCV LPV is used to calculate both Primary and Secondary taxes No more than 5% increase to LPV from year to year
Full Cash Value vs. Limited Property Value Assessment Ratio Estimated Secondary 11,160.00 7,508.00 Est Tax increase 1.5272 1.5272 Tax amount 170.44 114.66 55.77 FCV LPV 2016 111,600.00 2016 75,080.00 10% 10% Assessment ratio is 10% on class 3 and class 4 properties (non rental property and rental property)
Full Cash Value vs. Limited Property Value Assessment Ratio Estimated Secondary 34,900.00 27,189.90 Est Tax increase 1.5272 1.5272 Tax amount 532.99 415.24 117.75 FCV LPV 2016 349,000.00 2016 271,899.00 10% 10% Assessment ratio is 10% on class 3 and class 4 properties (non rental property and rental property)
Will my LPV always be lower than the FCV? A.) In some cases they may be lower. They may be equal but never higher Does this mean my taxes will be lower? A.) the calculation is determined by the LPV so in some cases it may be lower, but never higher than what the calculation would be using the FCV. The LPV has a cap of 5% from previous year. Taxes will be lower if the LPV is lower than the FCV What is the main difference? A.) the LPV will be used to calculate the primary and secondary tax rates. The intent was to stabilize the fluctuations.
