Understanding your Maricopa County notice of Property Valuation

 

If you own an home in Maricopa County, you should have recently received a notice from the Maricopa Do you know how your Maricopa County property is valued?County Assessor about your property valuation.Buy Understanding your Maricopa County notice of Property Valuation and be kind of tricky.

 

Here's an explanation of some of the various terms that come up when discussing property valuations:

 

Full Cash Value - Full Cash Value (FCV) is the amount used to compute secondary taxes, which can consist of bonds, budget overrides, and special districts such as fire and flood control. FCV denotes the real property, which means the land, buildings, and other improvements.

 

Limited Property Value - Limited Property Value (LPV) is the amount used to compute the primary taxes that allow the maintenanence and operation of school districts, cities, counties, and community college districts. LPV is calculated according to a statutory formula determined by the Arizona State Legislature and cannot exceed Full Cash Value.

 

Legal Class - Legal Class simply menas what the property is used for. If an individual parcel has more than one use, it is assigned multiple Legal Classes. Legal classes include:

 

  • Class One - Commercial
  • Class Two - Vacant land, Agricultural, Nonprofit
  • Class Three - Owner-occupied residential
  • Class Four - Residential rental, Common areas
  • Class Five (there's no class five listed on the Assessor's website)
  • Class Six - Historic residential, Foreign trade zone, Enterprise zone
  • Class Seven - Historic commercial
  • Class Eight - Renovated historic residential
  • Class Nine - Improvements on government property

Assessed Values  - The Assessed Value of each property class is determined using percentages set by the State Legislature. The following percentages apply to the three most popular classifications:

 

  • Residential - 10%
  • Commercial - 22% for Tax year 2009, declining to 20% over 3 years
  • Land - 16%

Property Taxes Computations - The Assessed Value divided by 100, times the tax rate (set in August of each year) determines the property tax bill you receive every September. It's the County Treasurer who bills, collects, and distributes the property taxes.

 

Understanding your Maricopa County notice of Property Valuation

 

 

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Anna "Banana" Kruchten
Designated Broker & Owner
CRB, CRS, GRI, CNE, SFR, CDPE, WLS


Phoenix Homes For Sale

 

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Comments

Anna,

With the way property values have been slashed there, assessing must be a challenge.

Posted by Terry Chenier (Homelife Glenayre Realty) over 9 years ago

Hi Terry - yes it's actually quite shocking for most folks. The difference between this year and 2011 is dramatic in most cases.  Doesn't necessarily reflect market values -

So are you back home now?

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 9 years ago

Anna, I've challenged my assessment.....like most of us here.  My home is assessed at the same price it was last year.  This is good information to help people understand taxes.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 9 years ago

Anna....The assessment process never ceases to amaze me.   The budget income has to somehow match up with the budget expense for everything to work.

Posted by Carra & Shae Riley, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) over 9 years ago

Carole - there are quite a number of folks challenging their asssetment here as well. 

Yes it's pretty complicated these days.  I was at a meeting with our mayor yesterday and he talked at lenght about trying to balance our city budget - and what that 'really' looked like.  Can't have everything and there must be sacrifices.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 9 years ago

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