Payson and other Gila County property owners will not be seeing a reduction in taxable property values, quite the contrary, residential homes in some areas of the county have increased.
The Gila County Assessor's office is mailing out more 35,000 Notices of Value to persons owning real property within the county on Feb. 29 for the tax year 2009.
Gila County's residential home values have not slumped to the extent of Phoenix's residential market, said Dale Hom, Gila County Assessor.
In fact, in many areas of the county, residential values have increased, he said. The assessor's values of residential properties are derived by annual sales ratio studies that are used to determine the level of full cash value to actual sales of residential properties.
"Our values are reviewed annually by the Arizona Department of Revenue to make sure they conform to the required standard," Hom said.
The Limited Property Value on the Notice of Value is calculated based on a statutory formula and does not reflect market conditions.
Vacant land has been increasing in many areas of the county and the assessor has had to update the valuations of land in these areas for tax year 2009. Countywide, commercial property has also been increasing, Hom said.
Gila County's real estate market in the last two years has shown to be different than what the national media has been reporting for many months.
Within Gila County the number Notice of Trustee's Sales in 2005 was 212. In 2006: 187, and in 2007: 175. A Notice of Trustee Sale is only a notice of the date and time that a sale of a property in foreclosure will be sold to the highest bidder, unless the owner of the property pays up to stop the sale.
"It is good to know that the actual amount of these notices have dropped in Gila County, unlike the Phoenix metro area," Hom said.
"We encourage all property owners to review their Notice of Value letters or Cards carefully," the county assessor said in his press release.
If property owners question the assessor's valuation, they should do the following:
In reviewing the valuation of your property it is important for the property owner to ask:
- How does the Assessor's valuation relate to what is a reasonable value of my property, based on the current real estate market?; and
- What would I have to pay in today's current market for my property?
If a property owner believe the valuation is high, they can submit a "Petition for Review of Valuation" with the county assessor. These petition forms may be picked up at either the Globe or Payson office. The forms need to be returned by April 29.
Property owners can call Hom or his staff at (928) 425-3231 for additional information or questions.