Article by Catherine Reagor - Feb. 18, 2012 12:29 AM
Few Maricopa County homeowners will be surprised when they open their latest property valuations to learn that their homes are officially worth less than they were a year ago. It's the fifth straight year for annual drops in the region's home prices.
But based on home-price increases during the past few months, this could be the last of the declining numbers for some metro Phoenix homeowners.
Residential-property values fell an average of 7.6 percent in 2011, compared with 11 percent in 2010, according to the latest report from the Maricopa County Assessor's Office. Though 2011 is the fifth year of value declines, it also shows that the rate of annual decline in values continues to slow.
In 2009, metro Phoenix residential-property values fell 15 percent. In 2008, they plummeted 23 percent, the biggest drop of the prolonged retreat in home prices. In 2007, values declined 13 percent.
County Assessor Keith Russell said that the valuations homeowners receive in the mail next week could be better than some people expected and that next year's assessment could be even better.
"I am optimistic that the extreme price fluctuations we saw in single-family residential values are behind us," he said. "Home-price declines have to slow before they stop."
Russell said that, based on the slowdown in foreclosures and recent upticks in home prices in some parts of the Valley, some property owners could see an improvement in their home's value next year.
The property-valuation assessments going out now will be reflected in 2013 tax bills.
The overall median value of homes in the county fell to $109,100 from $118,100 in 2010.
Some Phoenix-area cities fared better than others. Home values declined slightly less than 1 percent in Tolleson, a community hit hard by the foreclosure crisis. But in Tempe, a city with a lower foreclosure rate, home values fell an average of 13.7 percent. That's the biggest 2011 home-value drop for any Valley city. However, past declines in Tempe home values have been in the single digits.
Maricopa County homeowners shouldn't count on a significant drop in their property taxes this fall. Many Valley municipalities and school districts are still facing budget gaps and will likely have to raise property-tax rates again, effectively wiping out any or most of a tax reduction that the lower valuations would suggest.
Property-tax bills, which are issued 18 months after valuations, are based on a complex formula that includes funding for municipalities and school districts. Most property-tax money is spent on education.
The annual tax bill that homeowners will receive this September will be based on 2010's valuation, not on the new figures released today. The lag is built into Arizona's property-tax process so homeowners can appeal their valuations if they believe the initial appraisal is too high or low.
Property owners can appeal their valuations with the Assessor's Office until April 17.
Russell's office received 3,300 residential-valuation appeals last year. About 25 percent of those appeals were successful, said Paul Petersen of the Maricopa County Assessor's Office.
About 1.5 million properties were valued by the county assessor during 2011. To appeal your home's 2011 assessment, go to www.maricopa.gov/assessor or call 602-506-3406.
Read more: http://www.azcentral.com/news/But based on home-price increases during the past few months, this could be the last of the declining numbers for some metro Phoenix homeowners.
Residential-property values fell an average of 7.6 percent in 2011, compared with 11 percent in 2010, according to the latest report from the Maricopa County Assessor's Office. Though 2011 is the fifth year of value declines, it also shows that the rate of annual decline in values continues to slow.
In 2009, metro Phoenix residential-property values fell 15 percent. In 2008, they plummeted 23 percent, the biggest drop of the prolonged retreat in home prices. In 2007, values declined 13 percent.
County Assessor Keith Russell said that the valuations homeowners receive in the mail next week could be better than some people expected and that next year's assessment could be even better.
"I am optimistic that the extreme price fluctuations we saw in single-family residential values are behind us," he said. "Home-price declines have to slow before they stop."
Russell said that, based on the slowdown in foreclosures and recent upticks in home prices in some parts of the Valley, some property owners could see an improvement in their home's value next year.
The property-valuation assessments going out now will be reflected in 2013 tax bills.
The overall median value of homes in the county fell to $109,100 from $118,100 in 2010.
Some Phoenix-area cities fared better than others. Home values declined slightly less than 1 percent in Tolleson, a community hit hard by the foreclosure crisis. But in Tempe, a city with a lower foreclosure rate, home values fell an average of 13.7 percent. That's the biggest 2011 home-value drop for any Valley city. However, past declines in Tempe home values have been in the single digits.
Maricopa County homeowners shouldn't count on a significant drop in their property taxes this fall. Many Valley municipalities and school districts are still facing budget gaps and will likely have to raise property-tax rates again, effectively wiping out any or most of a tax reduction that the lower valuations would suggest.
Property-tax bills, which are issued 18 months after valuations, are based on a complex formula that includes funding for municipalities and school districts. Most property-tax money is spent on education.
The annual tax bill that homeowners will receive this September will be based on 2010's valuation, not on the new figures released today. The lag is built into Arizona's property-tax process so homeowners can appeal their valuations if they believe the initial appraisal is too high or low.
Property owners can appeal their valuations with the Assessor's Office until April 17.
Russell's office received 3,300 residential-valuation appeals last year. About 25 percent of those appeals were successful, said Paul Petersen of the Maricopa County Assessor's Office.
About 1.5 million properties were valued by the county assessor during 2011. To appeal your home's 2011 assessment, go to www.maricopa.gov/assessor or call 602-506-3406.
No comments:
Post a Comment