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  • 2015 property valuation notices reflect strong recovery from real estate slide

    Jan 31, 2014 | Read More News
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    The 2015 valuation notices being mailed to more than 400,000 property owners show that real estate values have recovered, with some areas showing double digit increases in values.none

    According to the Pima County Assessor’s Office, the increases run the geographic spectrum, with 21 of 22 different residential economic districts reflecting increases in valuation based on recent sales.

    Some of the areas that were hit the worst in the economic downturn also are the ones recovering the fastest, according to an analysis of median valuations by area. The South Tucson and airport environs, for example, reflect the strongest increase, at 19 percent, while the Midvale/Drexel Heights area is seeing an 18 percent increase. 

    Near East areas, as well as Marana/Avra Valley are showing 13 percent increases.

    Ajo saw a slight drop of 3 percent in its median valuation.
    The valuations will be applied to the 2015 tax year.

    Property owners should be aware of an important change: Voters in 2012 passed Proposition 117, which notes that all property taxes will be based on a property’s limited property value and can only increase 5 percent each year.

    In the case of a $100,000 South Tucson house that might have seen its valuation increase to $119,000 – based on the 19 percent increase in value - its limited value would be capped at $105,000.

    Homeowners have until April 1, 2014 to appeal their full cash valuation. It is always helpful to make sure the property characteristics on file are factually correct and that you are comparing recent sales of properties with similar square footage and amenities. All public libraries are equipped with comparable sales information to assist your search.

    For those who qualify, additional information also is on the back of the valuation notices explaining the senior valuation freeze program and property exemption information for those who are widowed or disabled.

    Otherwise, for more information, please visit www.asr.pima.gov and click "appeals process" or call 724-8630 if you have questions.