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Shocked By Your Arizona Property Valuation Notice?

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!

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

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 .

 

Comment balloon 10 commentsGabrielle Kamahele Rhind • March 18 2011 08:20AM

Comments

Gabrielle, this is tree throughout the country and in our area in and aroudn Philadelphia and Wilmigotn, De, it's been around 20% - Residents need to knwo that can have their tax assessment appealed as well.

Posted by Janice Roosevelt, OICP ABR, ePRO,Ecobroker ( Keller Williams Brandywine Valley ) over 7 years ago

In California, you can have the assessment value corrected to better reflect the current value. This saves us in taxes, but it is eye-opening when the new assessment number comes in.

Thanks for the post.

Posted by Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366, General Contractor, Dry Rot and Water Damage (Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366) over 7 years ago

I've tried that....saved $10...imagine that ??? 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 7 years ago

Excellent information.  Our property values are released May 1st and then the phone calls begin at my office .. upset.  Usually they think our prices have dropped and are unhappy that the District did not adjust down.  Good place to be .. steady rather than down!  Have a great weekend!

Posted by Connie Goodrich, CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) over 7 years ago

I assist three to four people per year to contest their property value. Many people overlook their notice and just pay the taxes.

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 7 years ago

In my area Gabs, there has always been a discrepancy.  Our county blames these discrepancies on being understaffed due to budget constraints.  When I talk to my friends at the county they say that there hasn't been any layoffs but their budget has been cut.  My question is if you still have the same amount of people why are you not able to get your work done?

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) over 7 years ago

GOOD AFTERNOON GABRIELLE! As you know they have been going up in our neck of the woods and people are screeming about it. HOWEVER I am willing to bet that any person who says their home is valued to high would never agree to sell at that price and indeed would ask about 30% more. It's always worth a million in their eyes except at tax time.

Posted by Bob "RealMan" Timm, Bob Timm, Broker Associate, Alliance Real Estate (Alliance Real Estate - Minot) over 7 years ago

It is that time of year again!  I often help clients to see how the tax roll figures compare with the real world figures.  Everyone thinks it is worth the effort to save some bucks.  I am sure I will start getting those calls again soon this year.

Posted by Barbara Hensley, Homes for Sale in Rockwall County, Texas (RE/MAX Properties) over 7 years ago

HI BARBARA!  It's good to help clients see the real value - and find the savings there!

HI BOB!  Isn't that the truth!  How much of an increase has your area had?

HI PAUL! Well, I don't know the answer - budget cuts tend to translate into pay cuts and when pay is cut, I have seen people only work about 4 hours in an 8 hour day. 

HI HARRY!  Many do overlook their notice - sadly, it looks like junk mail!

HI CONNIE!  Steady is a great place to be!

HI BARBARA!  Agreed - it generally doesn't help as much as people think it will and, I often see people's values increase after they have appealed.

HI TOM!  It is eye-opening -- and makes it hard to swallow when you are reviewing it!

HI JANICE!  20% is significant - hopefully when they appeal they ask a real estate for help - it's the best way to get a good value!

Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) over 7 years ago

Gabrielle, in regards to your question to me above I would say that many homes, if not the majority, have doubled in sales value here. Tax evaluations have increased about 45% and as I said people are screaming.

Posted by Bob "RealMan" Timm, Bob Timm, Broker Associate, Alliance Real Estate (Alliance Real Estate - Minot) over 7 years ago

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