Tim Boncoskey, the Chief Deputy to the Maricopa County Assessor, recently gave a presentation to the Phoenix Association of Realtors providing information and statistics relating to Maricopa County’s tax appeal process. The presentation is available on the Assessor’s website at: http://www.maricopa.gov/assessor/PDF/NEWS-PRESSRELEASES/PhxAsscofRealtorsPresentation.pdf.
The following information contained in Mr. Boncoskey’s presentation may be of interest to our clients: (1) Percent reductions in full cash value (“FCV”) between tax year 2010 and tax year 2011 by property type; (2) Historical annual sale counts by property type; and (3) Historical median sale prices per square foot by property type.
FCVs decreased for all property types from tax year 2010 to tax year 2011. Commercial properties realized an average reduction in FCV of 24.48 %. Vacant land realized an average reduction in FCV of 36.49 %.
If you have not filed an administrative appeal for tax year 2011, you can still appeal the value of your property directly to tax court on or before December 15, 2010.