Fountain Hills, AZ Real Estate Valuations Drop 15%

Maricopa County Assessor’s Office mailed out mailed 1.5 million 2012 tax year valuation notices last Friday to property owners. All Real Estate types show double-digit declines in their median values for the second consecutive year according to County Assessor Keith Russell.
“We are aware of the overall declining values experienced by most property owners, and the notices property owners will receive in their mailboxes reflect these changes.” Russell said in a message accompanying the tax valuation information to Real Estate owners.

The median full cash value of a Fountain Hills single-family residence declined 15.26%, from $240,500 in 2011 to $203,800 in 2012, according to the assessor’s report.

Real Estate Owners in other parts of the Valley of the Sun fared better. Real Estate values in Litchfield park only fell about 1.8%but Tolleson dropped a whopping 45%! Residential Property Values fell an average of 11% but the decline is slowing according to Russell.

Residential Real Estate that property owners will receive in in September will be based on 2009 values, not on the latest data. Property Valuations lag by 18 months. Real Estate owners can appeal their valuation until April 26.

The largest median change occurring for 2012 assessment year was apartments dropping nearly 34%, followed by vacant land at at 32%.

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