 Notices of Value issued for Tax Year 2024
PIMA COUNTY, Feb. 24, 2023 – Notices of Value, the documents that alert property owners to their property’s Assessed Value for taxation purposes, have been issued for Tax Year 2024. Printed notices were mailed Friday, Feb. 17, and should arrive in mailboxes this week.
The Pima County Assessor’s Office is responsible for identifying the ownership of all taxable property in Pima County and determining the value of homes, businesses, business equipment, and vacant and agricultural land. It is the Assessor’s statutory duty to notify property owners of their established value, list the value of all property on the assessment role, and work with County taxpayers to apply all applicable exemptions.
The Assessor issued 434,609 notices to taxpayers across Pima County. The total Full Cash Value (FCV) of all real property in Pima County was $149.5 billion, an increase of about 21.8 percent over the 2023 value of $122.8 billion.
The bulk of the notices sent were for Single Family Homes. Below is a breakdown of some stats compared to the previous year:
| |
Last Year
|
This Year
|
| |
2022/2023
|
2023/2024
|
|
# of Residential Notices:
|
$265,434
|
$268,678
|
|
Average Sales Price:
|
$314,000
|
$357,000
|
|
Median FCV:
|
$238,555
|
$290,077
|
|
Approximate Median LPV:
|
$ 192,122
|
$ 202,300
|
 While Full Cash Value (FCV) is a reflection of the market, it is not an indication of how much an owner’s property taxes will change. Under Arizona law, property taxes are calculated using a property’s Limited Value, which can also be found on the Notice of Value.
The Limited Value is designed to mitigate large swings that can occur in the market. Per Arizona statute, the Limited Value can only increase by 5 percent annually, unless a significant change has been made to the property. This helps to ensure that a taxpayer does not suffer a large increase in their property tax liability. Additionally, it serves to protect the County, as a whole, from suffering a major loss in revenue.
While property owners’ Notice of Value is not a bill and does not indicate what they will owe in taxes, the following formula can give a rough estimate of how property taxes are calculated in Pima County:
Limited Property Value x Assessment Ratio x Tax Rate = Property Tax
The tax rate is set by the Board of Supervisors on the 3rd Monday in August in the tax year indicated on the notice.
These notices represent property values as of Jan. 1, 2023. Property values are set the year before property taxes are due in order to allow property owners the opportunity to appeal their values, which are determined by analyzing the previous 36 months of sales for properties that are similar in size, age, quality, location, and characteristics.
Owners who wish to appeal their property value must petition the Assessor’s Office by April 19. More information about the appeals process can be found on the Assessor’s website at asr.pima.gov/appeal or by calling 520-724-8630.
|
