Let's face it, the economy has really hit Arizona hard. In the Phoenix area, roughly one third of the economy is (was?) based on the Residential Home market. The continued construction of new homes is what has driven the economy here in Phoenix for 40 years. And it all came to a screeching halt two years ago.
(on a side note: I have seen some Developers starting dirt work, the process of putting in streets, leveling pads, putting in utilities, in some places. This has mainly been In-Fill, the process of building on smaller parcels closer in to the city center. Regardless, it's a good sign.)
And, as EVERYONE knows, existing home prices have tanked. If you're trying to sell a home, you're painfully aware of this (call me if you are, you need my help).
BUT! There is an upside! If you are staying in your home, Your Property Taxes have GONE DOWN!!!
The taxes on my home dropped 57%! True, that does mean the value has dropped, but since I don't plan on moving any time soon, that's ok.
Now, if your taxes did drop, but not as much as you think they should have, there is an appeals process.
That process starts with the County Assessor's Office. This is a link to the
Maricopa County Assessor . Once there, Click on "Forms", and then look for "Property Value Appeals". That page is going to have links to all the forms you need. Most people will need the "Online Residential Appeal Form", but there are forms for commercial and agricultural land as well.
At this time, the link is disabled because the Appeal deadline is April 21.
But the one other thing you're going to need is some kind of proof to back up your claim.
You've got a couple options there. You can hire an Appraiser, someone licensed by the state to prepare opinions on home values. There are many reputable Appraisers out there. Their fees usually run between $250-400 for a full Appraisal. For that fee you will get a comprehensive break down of your homes value, which will include a physical inspection, evaluation of comparable properties, and other variables.
OR, you can contact me, and I'll do what is called "pulling Comps" for you. Pulling Comps is what agents do to get an idea of what the value of a home should be. It's the same process that Appraisers use. We look at what properties that match yours have sold for in your neighborhood, and based on those sales, determine what your property is worth at the time. You might also hear these referred to as a Broker Opinion, and its just that, a statement of opinion by a Real Estate Broker. I do not charge for these for residential home owners.
Keep in mind, with either an Appraisal, or Broker Opinion, they are just that, opinions based on CURRENT market conditions. It is possible, but unlikely, that something could happen the next day that might change that value. So, in a sense, Appraisals and Broker Opinions have "expiration dates".
However, if you do need to Appeal your Tax Valuation, you'll need some kind of documentation from a Real Estate Professional.
You can use this same process if you feel that the Assessor raised your Valuation above what your home is worth.
While you can do this Appeal on your own, it would probably be a good idea to consult a Tax, or Real Estate Attorney to get some more precise guidance on how to proceed. I can help you with a referral if you have trouble finding an Attorney.
So when that Property Valuation shows up next February (not all that far away) and you don't like what you see, give me a call!
Vanguard Platinum Realty
Erin Goldbach
Owner/Broker
602 524 0186
Erin@ErinGoldbach.com
