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| | Author | Messages | |
Deannandave
Posts:0
 | | 10/31/2007 4:48 PM |
 Alert | | I was just wondering if anyone else was as puzzled as I am. We got our tax bill for a 2970 sqft house in Villages. The bill for the first half was 1881. I have a friend in Paradise valley, who pays 1800 as well. I do know that it takes a year or two for the assesed value to set in. But how do the taxes go up SO MUCH and the property value fall so much in the same year. Aren't the two supposed to coaralate (sp)??????? Any thoughts or explanation, would make me feel better.<img src='http://www.85239.com/desktopmodules/ntforums/images/emoticons/smile.gif' height='20' width='20' border='0' title='Smile' align='absmiddle'> | | | |
| | azappraiser
Posts:30
| | 11/03/2007 11:30 PM |
Alert | The County Assessors Office would be the best source for an explaintion of ASSESSED VALUE. Simply put, the assessed value - which is used to determine the tax amount - is a percentage of the costs for the improvements to the land (house,fence,driveway,etc - permanant structures) as recorded in the purchase contract. In other words, what you paid for the property new or resale, and is re-assessed anywhere from 1 to 3 years or when ownership changes. MARKET VALUE (appraised value) is the amount a property should sell for at a specific time when exposed to the real estate market. In a declining market, such as 2007, it is not uncommon for property values (Market Value) to drop rapidly just as they increased rapidly in 2005 during the so called "real estate boom". When it's time for the property to be re-assessed for taxes, the Assessors Office has a formula used to recalulate the assessed value, but I am not sure what is taken into consideration or used in the calculation. But I do know they cannot reassess every property on a monthly basis or quarterly, not even in a stable market.
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| | azappraiser
Posts:30
| | 11/05/2007 10:20 AM |
Alert | Here is a link that may be of interest. How to Reduce Your Property Taxes. http://finance.yahoo.com/real-estate/article/103795/How-to-Reduce-Your-Property-Taxes
copy and paste in your browser - If it doesn't work, send me an email and I will send back a copy of the article.
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