Final answer:
The property tax assessment rate for owner-occupied residential property in Arizona is 10. This reflects the local government's reliance on property taxes as a primary revenue source, and is in line with trends set by taxpayer demands for limits on tax increases.
Step-by-step explanation:
In Arizona, the property tax assessment rate applied to owner-occupied residential property is 10. Property taxes are a significant source of local government revenue, and they are imposed on various types of property, including homes, land, and businesses. When a local assessor determines the value of a property, a proportional tax rate is then applied to that value. The property tax rate is an essential aspect of public finance and reflects the local government's need to finance services such as schools, roads, and public safety.
Arizona's approach to property tax assessment aligns with nationwide trends in property taxation. Concerns regarding the visibility and unpopularity of property taxes have led many states to impose legal or constitutional limits on the ability of regional governments to raise these taxes. This was a response to taxpayers' demands for fairer taxation practices, like those beginning with California's Proposition 13 in 1978.