Property tax valuations are in the mail for metro Phoenix homeowners.
Values have finally bounced back to pre-housing crash levels. But if your home valuation has climbed that means your property taxes could climb too, eventually.
The median value for a single-family home climbed 8.52 percent to $231,800 during the past year, according to the Maricopa County Assessor. That compares to a 7.2 percent jump the prior year.
The median value for a metro Phoenix condominium is up 10.4 percent to $149,200, on par with the 10.5 percent jump last year.
Those are full-cash value numbers, which means 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.
Homeowners, who think their property value is too high or low, have 60 days to appeal.
Your latest valuation report will determine how much you pay in taxes, but not this year.
The new valuations will help determine property taxes you pay in 2020. That’s because there’s an 18-month delay in the system to give people time to appeal at mcassessor.maricopa.gov.
All types of Maricopa properties posted an increase in median values last year, except mobile homes, according to the Assessor. The median value for manufactured homes fell 3.85 percent.
Your property valuation will also show a limited-cash value. That’s a formula used to calculate taxes and not what your home is worth.
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