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A notice of value, a document alerting property owners to the appraised value of their property for tax purposes, was issued for the 2024 tax year. The printed notice was mailed to him on Friday, February 17th and should arrive in your mailbox this week.
The Pima County Assessor’s Office is responsible for determining the ownership of all taxable property in Pima County and determining the value of homes, businesses, business equipment, vacant land and agricultural land. It is the assessor’s statutory duty to inform property owners of established values, list all property values in the assessor’s role, and work with county taxpayers to apply all applicable exemptions. is.
Assessors have issued 434,609 notices to taxpayers throughout Pima County. The gross cash value (FCV) of all properties in Pima County was $149.5 billion, up about 21.8% from its 2023 value of $122.8 billion.
The majority of notifications sent were for single-family homes. Below is a breakdown of some stats compared to last year.
| Last year (2022/2023) | This year (2023/2024) | |
| Number of residence notices: | $265,434 | $268,678 |
| Average Selling Price: | $341,000 | $357,000 |
| Median FCV: | $238,555 | $290,077 |
| Approximate Median LPV: | $192,122 | $202,300 |
Full Cash Value (FCV) reflects the market, but it does not indicate how much an owner’s property tax will change. Under Arizona law, property taxes are calculated using the limited value of the property. This is also stated in the price notification.
Limits are designed to mitigate large fluctuations that can occur in the market. According to Arizona law, the limited value can only increase by 5% annually unless there is a material change to the property. This can help taxpayers avoid significantly increasing their property tax burden. It also protects the entire county from significant loss of revenue.
A property owner’s value notice is not an invoice and does not indicate how much tax you owe, but the following formula shows how to approximate property taxes in Pima County.
Fixed asset value x assessment rate x tax rate = fixed asset tax
The tax rate is set by the Supervisory Board on the third Monday in August of the tax year indicated in the notice.
These notices represent property values as of January 1, 2023. Property values are set in the year before the property tax is levied to give property owners an opportunity to appeal their property value. Property value is determined by analyzing the property’s last 36 months of sales. They are similar in size, age, quality, location, and characteristics.
Owners who challenge the property value must petition the Assessor’s Office by April 19th. For more information on the appeals process, please visit her website for the Assessor at: asr.pima.gov/appeal Or call us at 520-724-8630.
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