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Home > Home Valuations drop, But Property Tax May Not!

Home Valuations drop, But Property Tax May Not!

February 14, 2008 by vleeson Leave a Comment

Per Catherine Reagor of The Arizona Republic (Feb. 14, 2008 12:00 AM), “Most homeowners won’t be surprised when they open their property notices from the Maricopa County assessor this weekend. Values on most Valley homes have dropped.

But homeowners hoping for an immediate property-tax reduction will be disappointed.

Property-tax statements lag valuations by 18 months in Arizona, so homeowners won’t see a drop in their taxes until late 2009. And if Valley municipalities raise taxes to offset budget shortfalls, there won’t be a drop even then.
Part of the lag time between property valuations and taxes is built into the system so property owners can appeal the valuations.

A record number of Maricopa County homeowners appealed their property valuations last year, which were based on the wild price run-ups of 2004 and 2005. About one-fourth of the 4,513 homeowners won their appeals.

Barbara Anderson appealed the property valuation on her Moon Valley home last year and the year before.

She is hoping her valuation this year will better reflect what her hillside home in north Phoenix is worth but is concerned that, even if values go down, taxes will go up because of government budget shortfalls.”

Submitted by Leah Hamman

Filed Under: Uncategorized

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