PowerPoint Presentation (Added 05/08/2026)*

1
Property Tax Update
May 12, 2026

2
Agenda
2
• Key Definitions
• Property Tax Usage
• Property Tax History
• Property Tax Roles and Responsibilities
• Glendale Property Tax Trends

3
Definitions
• Assessment Ratio: Percentage of a property’s value used to calculate its 
taxable value.
• Property Class: Categories established by law that group properties how 
they are used. 
• Limited Property Value (LPV): Taxable value used for primary property 
taxes; growth generally limited.
• Full Cash Value (FCV): Market value determined by assessor
• Net Assessed Value (NAV): Taxable base after applying assessment ratios. 
• Levy: Tax rate X Net Assessed Valuations
• Levy Limit: Constitutional cap on primary levy growth.

4
Arizona Property Tax Uses
• Primary Property Tax 
• Funds operations 
• Subject to constitutional levy limits 
• Secondary Property Tax 
• Funds voter-approved debt (GO bonds) 
• Not subject to levy limits

5
Arizona Property Tax – A Brief History
• 1912 (Statehood): Constitution establishes uniform taxation and Full 
Cash Value (FCV) 
• Pre-1980: Property tax = primary local revenue source
• Rates could increase and decrease widely. 
• 1980 Reform: Constitutional levy limits adopted (taxpayer protection) 
• Truth in Taxation requirements increase transparency and apply to the 
primary property tax 
• 2012: Proposition 117 introduces Limited Property Value (LPV)
• After Prop 117 Tax base = Limited Property Value (LPV) 
• Annual growth capped at 5% (excludes new construction)

6
Arizona Property Tax – Responsibilities
• Maricopa County Assessor – responsible for valuing all 
property within each city and town and providing values to 
each on or before February 10th of each year. 
• City Council – Responsible for setting the annual Primary and 
Secondary tax rate/levy.
• Maricopa County Treasurer – Responsible for compiling all tax 
jurisdictions, sending bills to property owners, and remitting 
collections to the taxing jurisdiction. 
• Property taxes are based on a calendar year not the city fiscal 
year.

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Tax Rates per $100 AV — Primary, Secondary & Total (FY2015–FY2026)
All three rates declined steadily. Total rate fell from 2.15 in FY2015 to 1.45 in FY2026 — a 32.4% reduction.
0
0.5
1
1.5
2
2.5
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Primary Rate
Secondary Rate
Total Rate
Source: Glendale Annual Budget Books  |  Rates expressed as dollars per $100 of assessed valuation.

8
Arizona Property Tax Assessment 
Ratios

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How Your City Property Tax Is Calculated
Tax Year 2026  |  Single Family Residence  |  Tax Area 110700, Glendale AZ
Step 1
Full Cash
Value
$336,000
Market value
(FY2026 actual)
Step 2
Limited
Property Value
$152,503
LPV cap applied
(max +5%/yr)
Step 3
Assessment
Ratio
× 10%
Legal Class 3.1
primary residence
Step 4
Assessed
LPV
$15,250
Taxable base
(LPV × 10%)
Step 5
City Tax
Rate
$1.4925
Per $100 AV
(FY2025-26)
City Tax Formula:
Assessed LPV
$15,250
÷ 
100
City Tax Rate
$1.4925
=
City Tax Bill
~$228
Full Calculation:  ( $152,503 LPV  ×  10% assessment ratio )  ÷  100  ×  $1.4925 city rate  =  $227.54  estimated city tax
City portion only. Does not include Maricopa County, school district, or special district levies.  |  Rate: FY2025-26 total Glendale rate per $100 AV

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Secondary Tax Rate per $100 Assessed Value
Peaked at $1.7067 in FY2016 — declined every year through FY2026 actual — record low proposed in FY2027
Actual rate
FY2027 proposed
$1.6605
$1.7067
$1.6698
$1.6140
$1.5357
$1.4441
$1.3996
$1.3409
$1.2977
$1.2142
$1.1597
$1.1296
$1.0787
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27*
Peak rate — FY2016
$1.7067
Before sustained decline
Latest actual — FY2026
$1.1296
-33.8% from peak
Proposed — FY2027
$1.0787
Record low in dataset
10 consecutive annual
rate reductions (FY17-FY26)
* FY2027 proposed only — all prior years are actuals  |  Source: City of Glendale Schedule B / Schedule Five

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Legal Debt Margin
City of Glendale, Arizona  |  As of June 30, 2025  |  Amounts in thousands
6%  General Municipal Purpose Bonds
20%  Water, Sewer, Public Safety & Infrastructure Bonds
Capacity to incur bonded debt
$268,944
Capacity to incur bonded debt
$896,480
Less: bonded debt applicable
($19,898)
Less: bonded debt applicable
($164,831)
Unused bonded debt capacity
$249,046
Unused bonded debt capacity
$731,649
7.4% used  |  92.6% remaining capacity
18.4% used  |  81.6% remaining capacity
Source: City of Glendale FY2025 Annual Comprehensive Financial Report, Notes to Financial Statements (I. Legal debt margin)  |  Amounts in $thousands

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Assessed Valuation — Primary AV Trend (FY2015–FY2026)
Primary AV grew consistently from $1.10B in FY2015 to $2.24B in FY2026 — a 104.9% increase.
$1.10B
$1.13B
$1.17B
$1.23B
$1.31B
$1.41B
$1.48B
$1.58B
$1.68B
$1.88B
$2.11B
$2.24B
0
0.5
1
1.5
2
2.5
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Source: Glendale Annual Budget Books FY2012–FY2026  |  Values in billions of dollars.

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AV vs. Levy: Indexed Growth
FY2015 = 100  |  AV grew 3.4x faster than the levy through FY2026 actuals, forcing the rate down each year
Secondary AV index (FY2015 = 100)
Secondary levy index (FY2015 = 100)
90
110
130
150
170
190
210
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27*
AV index — FY2026
196
+95.5% from base
Levy index — FY2026
133
+32.9% from base
Gap at FY2026
63 pts
AV grew 3.4x faster
Widening divergence
drives rate to record low
Index: FY2015 = 100.  * FY2027 proposed.  Source: City of Glendale Annual Budget Books, Schedule B / Schedule Five

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Construction Inflation vs. Secondary Levy Buying Power (FY2016–FY2026)
Construction costs rose ~74% since FY2016 (index base=100) while the secondary levy grew ~32%—eroding real purchasing power to ~75¢ on the dollar.
60
85
110
135
160
185
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Construction Cost Index
Secondary Levy Index
Source: CBRE, RLB Q1 2025, AZBEX/RLB Q4 2025  |  Index base = 100 in FY2016. Real Buying Power = Levy Index ÷ Construction Cost Index × 100.

TOTAL ABILITY TO ISSUE DEBT BASED ON FLAT LEVY POLICY
Approximately $50 Million Annually
ANNUAL PROGRAM DEMAND BY BOND FUND PROGRAM vs. $50 MILLION ISSUANCE CAP
10-YEAR SUMMARY
Total 10-Year
Program Demand
$616.4M
Total 10-Year
Issuance Capacity
$500.0M
Funding Gap
$116.5M
(23%)
Each color represents a bond fund program. Amounts reflect annual program demand.

10-Year CIP Plan vs. Secondary Bonding Capacity
FY2027–FY2036  |  CIP is front-loaded — 97.4% of spending falls in the first 5 years
FY2027–2032
First 5 years
$16M
$600.5M
FY2032–2036
Second 5 years
97.4% of total CIP in first 5 years
Recommendation: Rebalance the CIP
Rebalanced — equal 5-year split
FY27-32: $308.2M
FY32-36: $308.2M
Smoothing the CIP reduces annual issuance pressure, aligns spending with bonding capacity, 
and avoids front-loading debt service in the early years.
5-Year Secondary Bond Issuance Capacity
Flat levy (current policy)
$237.1M
gap: -$363.4M
Levy +2% annually
$294.1M
gap: -$306.4M
Flat rate @ $1.0530
$336.5M
gap: -$264.0M
CIP need
$600.5M
Funding gap vs. first-5-year CIP need of $600.5M
Flat levy
-$363.4M
Levy +2%
-$306.4M
Flat $1.0530
-$264.0M
Issuance capacity based on 5-year secondary GO bond projections under each levy policy scenario.  CIP need = FY2027–2032 Capital Improvement Plan.

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