AZ: Valuations drop, but property tax may not

Subject: AZ: Valuations drop, but property tax may not Fri Feb 15, 2008 7:10 am

Arizona Republic

“Most homeowners won’t be surprised when they open their property notices from the Maricopa County assessor this weekend. Values on most Valley homes have dropped. But homeowners hoping for an immediate property-tax reduction will be disappointed. Property-tax statements lag valuations by 18 months in Arizona, so homeowners won’t see a drop in their taxes until late 2009. And if Valley municipalities raise taxes to offset budget shortfalls, there won’t be a drop even then. The overall median value of homes in metropolitan Phoenix fell 13 percent, to $199,800 from $229,500, according to the assessor’s latest report, which covers the market from mid-2006 through the fall of 2007. About 94 percent of all Valley homes fell in value.” [editor’s note: In banking terms, it’s called the “float” but it only lasts a week or less, not a whole frickin’ year - SAT]

AZ: Valuations drop, but property tax may not

AZ: Valuations drop, but property tax may not

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