If you were paying attention and know that those little white postcards the Pima County Assessors' office sends out weren't junk mail (I accidentally throw mine out all the time), but rather, Arizona Property Value Notices, then more than likely you were shocked by the valuation of your home!
Tucson (and Arizona in general) home prices have dropped considerably - most owners have lost at least another 14% of their value since last year, compounding the significant drops over the past 5 years. But brace yourself, Arizona home prices are expected to set new all-time lows as soon as next month.
But before you react - and especially before you decide to appeal - here are some things to know:
1) The Full Cash Value (FCV) and the Limited Property Value (LPV) ARE NOT a statement of what your property is worth. The notice is only used to determine your property taxes basis determined by using the market approach. With that said, keep in mind, the lower the FCV and LPV are - generally (but not guaranteed) the lower your property taxes will be next year.
2) After reading all the information about property valuation, and you still decide to appeal, visit the Pima County Assessors website and fill out the appeal form which will ask you a questions such as what you think your property is worth and for you to include recent sales information to support your stated value.
Remember if you file an appeal - your property value could go up or down and you have to file the appeal by April 5, 2011!
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .