What is the interest penalty assessed on delinquent property taxes in Arizona?

The interest penalty assessed on delinquent property taxes in Arizona is established at a rate of 16%. This rate applies to unpaid property taxes and is designed to encourage timely payment. When property taxes are not paid by the due date, the government assesses this interest to compensate for the time value of money and the administrative costs associated with collecting these delinquent taxes.

Understanding this penalty is crucial for property owners in Arizona, as it emphasizes the importance of staying current on tax obligations to avoid escalating costs. The interest on delinquent taxes in Arizona compounds annually, leading to increased penalties if the taxes remain unpaid over time.

The other percentages represent different potential interest rates for other jurisdictions or contexts but are not applicable to the specific penalties related to Arizona property taxes.