Sedona Real Estate Market Conditions: June, 2012 - Villas and Land

AZ Property Taxes Part two? What Can Be Done?

Last month we tried to decipher the rather Byzantine Arizona property tax system. We enjoy one of the lowest property tax rates in the country, in part, thanks to the States subsidizing about forty percent of our tax bills, so why would we would like to kvetch about it? Well, because, try as they would to arrive at equitable property value assessments, the Coconino and Yavapai County Assessor offices dont appear to have managed to provide a solution to the problem of valuations often being wildly unpredictable. It is not totally uncommon to find million buck houses considered at the same levels as those of half that value.

To give county officials some slack, the problem has been worsened over the last couple of years especially by sales of troubled properties that have sold for a lot less than what might have been considered fair market valuation. Generally though, it would appear that most properties are considered significantly under precise market valuation. The County Assessor aims for an 82% ratio relative to exact valuation. Often the gap is far wider. Thats a primary reason Zillows value guesstimates are far off the mark. From another viewpoint, folks who?ve bought houses in the past two or three years, frequently find their purchase prices to be below their considered values.

The disparity is increased by the County Assessors procedure of issuing 2013 value notices based totally on considered values determined on one Jan 2012 ? which, in turn, derive from sales between 1 Jan 2010 and 30 June 2011. Hence we?re starting with assessments a few years out of date.

Should you be among those whose Full Money Value assessment exceeds the fair market valuation of the property, you might consider challenging it. You can only appeal the FCV, not the Limited Property Worth. BTW, in my case, common or not, the taxes credited to the FCV are 62% of the total tax liability.

Valuation notices are sent out in February and you have sixty days in which to appeal.

If you are challenging the valuation, youll must do some homework. Ask your Realtor to help you find 3 to five contemporary sales of properties similar to yours for tangible market valuation. Of course, what you recently paid for it?s the most precise comp. You can also go to your Countys internet site and find out what your neighbours assessments are. If theres an incongruity, you can argue for equity ? equal treatment of yours.

First, be absolutely sure to go to the County internet sites GIS page and look up your property. If there?s a discrepancy in any factual info, like square footage, that?s a far easier challenge to make.

Consider it your civic duty to help your County Assessor in getting it right.

For additional detail, check out Sedona Real Estate.

Source: http://www.villasandland.com/articles/sedona-real-estate-market-conditions-june-2012/

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