By Catherine Reagor | The Arizona Republic
Most metro Phoenix homeowners will see the first increase in their property’s assessed value since 2007 when they receive their annual statement from the Maricopa County Assessor’s Office.
The median value of a house in metro Phoenix climbed almost 16percent during 2012 after falling 7.6percent in 2011.
The increase won’t surprise anyone who has watched the region’s housing market recover over the past 18 months. However, the overall increase in values for Maricopa County might be confusing because the overall median price of the area’s home sales climbed 34 percent in 2012.
“Our analysis is based on both home sales and the valuations of the even greater number of houses that didn’t sell last year,” County Assessor Keith Russell said. “If a house doesn’t sell, we don’t know if it has new carpet or plumbing, but we must still do the research to assess its value.”
The overall median value of single-family houses in the county climbed to $127,000 in 2012 from $109,600 in 2011.
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Construction of ‘spec’ homes jumps in January
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
