Tentative $4.46B Maricopa County budget includes property tax rate reduction
PHOENIX – The Maricopa County Board of Supervisors on Monday unanimously approved a tentative budget that would increase spending while lowering the property tax rate.
“Our goal with this budget is to provide some relief to individuals and families dealing with rising costs,” Board Chairman Bill Gates said in a press release. “To do that, we are cutting property tax rates across the board.”
The overall size of the tentative spending plan for the 2023 fiscal year is about $4.46 billion, roughly $950 million larger than the current year’s budget, and includes $435 million in federal funding from the American Rescue Plan Act.
The property tax rate for the state’s largest county is set to fall for the second consecutive year, to just under $1.25 per $100,000 of assessed value, nearly 10 cents lower than the 2022 fiscal year rate of just over $1.34. The rate was just above $1.40 for 2021.
NEW: Board approves the tentative FY 2023 budget to address the rising cost of goods and services. Highlights:
👉Cuts the property tax rate
👉Pays down pension debts
👉Invests in affordable housing, workforce development, and more
— Maricopa County (@maricopacounty) May 16, 2022
Gates told KTAR News 92.3 FM’s The Mike Broomhead Show on Tuesday that the planned 8% decrease is the largest in county history.
The tentative budget covers 126 capital improvement projects in metro Phoenix, including the renovation and expansion of the county’s elections center and a new East Valley animal shelter.
The plan also includes dollars for affordable housing projects, rental assistance, workforce development and small business support.
“I’m especially proud that this board has committed funds to assist historically marginalized groups as well as those who are perhaps struggling for the first time in their lives to pay all their bills,” Supervisor Steve Gallardo, the board’s only Democrat, said in the release.
“As a government, we are a critical part of our community and where we can help, we should.”
After a public comment period, the Board of Supervisors is scheduled to vote on finalizing the plan on June 20.