Home values are on the rise this year for a majority of Pima County, Ariz., homeowners, but it’s too early to tell whether that will lead to a similar increase in their property tax bills.
Data from the Pima County Assessor’s Office shows home values ticked up in almost all of the 22 districts inside the county. Two districts — south-central and the South Tucson/airport area — saw the largest gains, where property values increased an average of 15%.
Depending on where you live, the value of residential and commercial properties increased between 4% to 15%.
While none of the districts saw an overall decline in property values, the largely rural Ajo district showed no overall growth, according to data provided by the Pima County Assessor’s Office.
Ginger Kneup, a Tucson residential-market analyst with Bright Future Real Estate Research, said a limited supply of homes for sale largely fueled price increases in home sales, having a positive impact on property values.
The median sale price varied widely between the 22 districts tracked by Pima County Assessor Bill Staples’ office, with the sale price of $426,108 in the Catalina Foothills district at the top end of the range and an $82,158 median price in the Ajo district on the low end.
“In the last 18 to 24 months, the resale market has tightened with so little inventory,” Kneup said.
The valuations, set by the assessor’s office on both commercial and residential properties ahead of budget hearings held by school districts, the county, cities and other special taxing districts held in the spring, were sent out on Friday.
Property values for the notice are based on comparable sales between January 2017 and June 2108.
Tax bills to be sent out this fall reflect valuation notices received last year. This month’s assessments won’t be reflected in tax bills until the fall of 2020.
Tribune Content Agency