Property notices of valuation mailed Friday

Each year the Pinal County Assessor mails a Notice of Valuation to all property owners. Valuations for the 2010 tax year are going to be mailed on Friday, Feb. 27.

“Valuations will be somewhat lower due to the downturn in the economy. Areas most likely to see a drop in property valuations are the areas that grew the fastest during the real estate boom,” Pinal County Assessor Paul Larkin said. “This will mean that the property taxes due in 2010 will, for many, be lower due to the economic realities of today’s real estate market.”

The notice of valuation is not a tax bill. It is the document that alerts the property owner to what the assessor’s office believes the property’s value is. Next year’s tax bills will be based on this valuation.

Assessments, Larkin said, are based on sales ratio studies – what similar homes are selling for in the area – and other economic information pulled from a variety of sources. There are two components to the assessment:

Primary Rate: The primary rate is based on the “limited value.” The limited value is based on a formula set by statute and is not subject to appeal.

Secondary Rate: The secondary rate is based on the “full cash value” of the property.

“The full cash value of your property should bear some resemblance to the market value of your property if it were for sale in 2009 or 2010,” Larkin explained. “There is a 60-day window to file an appeal of your assessment, if you believe it is incorrect. The clock runs out on the appeals process on April 28. We advise individuals to read the full text of their valuation notice to understand the document and act on it if necessary.”

No action is necessary unless a property owner disagrees with the assessed valuation.

Larkin added that the 2010 valuation year began in August 2007 and ended July 2008.

“While I don’t have a crystal ball, based on what the market has done since July 2008, it is entirely possible that we will see low or lower valuations for the 2011 tax year as well,” Larkin predicted.

That’s good news for taxpayers but could be bad news for special districts, school districts and the community college district whose funding is paid, in part, by taxes.

Assessor Larkin also reminded taxpayers that owners of rental property are obligated under state law to disclose that the property is a rental property.

For more information concerning property valuations or the assessor’s office, go to http://www.pinalcountyaz.gov and select assessor.

For answers to questions about the valuation notices or for information and forms, call (520) 509-3555 or (888) 431-1311. Call volumes are highest on Mondays or during the lunch hour. To minimize hold times, call Tuesday through Friday, avoiding the lunch break.

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