Please update your profile page to continue
Buying your first home can be scary. Here is some information you should know before taking the plunge.
Metro Phoenix is often considered among the more-affordable places to live in the U.S., but a recent flurry of luxury apartment construction in Scottsdale is bucking that trend, with rent in some cases approaching Manhattan prices. Here are five buildings that many would consider pricey.
Single-family homes in metro Phoenix climbed almost 7.2 percent in value in 2017.
Beyond breathtaking, this magnificent estate sizzles with a sensational Sonoran setting deep inside Silverleaf, a distinctive enclave of multi-million-dollar homes cradled in and among the ruggedly gorgeous McDowell Mountains in far North Scottsdale, Arizona.
A shortage of construction workers, like this one working for Meritage Homes Corp., is making it hard for developers to respond to the demand for new homes.
Arizona Diamondbacks pitcher Taijuan Walker buys Paradise Valley house for $2.69 million.
A Phoenix midrise at 24th Street and Camelback Road sold for $100 million on June 14, 2018.
The home has seven bedrooms and 12 bathrooms.
A “scotch and cigar” patio, as the homeowners call it.
The 269-acre parcel, east of 56th Street and north of Deer Valley Drive in Phoenix, was appraised for $54 million.
Paradise Valley house
This Paradise Valley house was sold for $3M by the former U.S. Ambassador to Jamaica
A new national report calls metro Phoenix one of the most overvalued housing markets in the U.S.
Former Arizona Cardinals quarterback Carson Palmer has sold his Paradise Valley house for $2.9 million.
Phoenix-based Camelot Homes won a top industry competition for constructing the best home of the year with a north Scottsdale house in the White Horse community.
If you own a metro Phoenix home, your latest property valuation is ready.
It will soon arrive via mail or email, and most likely you will see an increase from last year.
Overall, the value of single-family homes climbed almost 7.2 percent and condominium values climbed almost 10.5 percent last year, according to the Maricopa County Assessor. Both are pretty close to increases for 2016.
This valuation report will determine how much you pay in taxes, but not this year.
And don’t be too concerned when you look at the numbers on the government form because its likely your house is worth more.
Confusing? Arizona has one of the most convoluted property tax systems in the U.S.
What factors determine the number that goes on with a "for sale" sign?
The new valuations will help determine property taxes you pay in 2019. That’s because there’s an 18-month delay in the system to give people time to appeal.
Property owners have 60 days to appeal if they think their value is too low or high, said Maricopa County Assessor Paul Petersen.
Homeowners unhappy with their valuations can start the appeal process online.
Despite last year’s increase, the home valuations still seem low, but that’s on purpose.
The assessor generally values houses 10-20 percent below market value to cut down on appeals and any potential to inflate values.
READ MORE from Catherine Reagor
It's selling season. Is your home in the best price range, neighborhood to benefit?
Phoenix's Chateau on Central urban mansions get new name, lower prices
Phoenix ranks 9th most unaffordable city for renters, according to study
Your full-cash value on the report should be closest to what your home is actually worth.
The Assessor’s Office research shows the median full-cash value for a Valley home was $214,000 last year. The median sales price for the year was closer to $240,000.
The limited-cash value, which is almost always lower, is used for figuring out your taxes.
And due to Prop. 117, passed by voters in 2012, increases to your house’s limited-cash value are capped at 5 percent a year.
That will be decided this summer when thousands of Valley taxing jurisdictions such as school, libraries, fire departments, cities and Maricopa County decide what they need from property owners to operate.
Though it would make sense for ups and downs in property assessments to correspond with taxes, that’s not the case in Arizona.
Last year, taxing jurisdictions asked for about a 5 percent increase from property taxes, in addition to the extra money already expected from higher values.
Homeowners tax bills can vary wildly depending on whether their school districts have overrides for bonds or if they are in a special tax district.
Property bills come out in September.
And there’s no appealing those taxes.