Hello Again! Sorry it's been awhile, but with the interest rates continually going up and down, alot of people are refinancing........and yes........I've had several REO appraisals to do too!
The Arizona Daily Sun is reporting that after two years of double-digit increases, many local neighborhoods see values decline. What's interesting, is the local assessor's office is reporting that the West side of town is down, but the east side is up! That's exactly what I have been trying to tell people for months, that it all depends on what market area you are in. So many people read the "doom and gloom" articles and then assume that it is city or state wide and that just isn't true. What I'm finding is that alot of the newer subdivisions with an oversupply of homes are where valuations have gone down significantly and the more established neighborhoods are the ones holding steady.
Assessor's Office Appraisers try to compare sales of similar homes from the SAME neighborhood, based on data from sales affidavits, to get an idea of home market values. They then aim for a full cash value that is about 80 percent of the actual market value, meaning the value of someone's home listed on their property valuation card. Property tax rates are then adjusted so that taxing entities collect only what state law says they are entitled to.
So....this year's essentially flat valuations mean tax rates may stay flat too. New construction will help local agencies raise additional revenues without raising tax rates.
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