Property valuations are out for metro Phoenix homeowners. Why do we care?
The small cards that come in the mail detail your home's property value, which then will be used to calculate how much you own in property taxes.
Most won’t be surprised to see their home’s value climbed again since the median home price in metro Phoenix recently hit a new record. And it will be a while before homeowners know if their taxes are climbing, too, as tax bills lag property valuations by 18 months in Arizona.
But if you want to try to lower your tax bill next year, you have to appeal your most recent valuation within 60 days.
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Overall, median single-family home values climbed by 6.9% during the past year, according to the Maricopa County Assessor.
Apartments saw the biggest jump in value, although every category of property climbed. They include:
The bigger number on valuations, usually mailed to property owners by the Assessor's Office, is typically a full-cash value for a property. That figure should be closest to market value.
However, the figure is typically lower than what you actually could sell your house for. That is done on purpose to limit the number of appeals.
The mailing will also show a limited-cash value. That’s part of the formula used to calculate taxes and not what your home is worth.
Homeowners who think their property value is too high or low, can appeal now. When tax bills are sent in September, it's too late.
Reach the reporter at [email protected] or 602-444-8040. Follow her on Twitter @Catherinereagor. To see a home's latest value, check out Streetscout.com
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