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Value Notices will be mailed by the Yavapai County Assessor to 168,600 property owners on February 16, 2024. Judd W. Simmons The effective date of your property value notice is January 1, 2024, and it will be used to calculate your 2025 property tax bill.

What is a value notice?

The 2025 Valuation Notice is the county's official declaration regarding full cash valuations and limited property valuations. Full cash value is synonymous with market value and limited asset value is calculated based on: arizona law.

The restricted property value will be used to calculate your 2025 property tax bill. By state law, this notice must be mailed by March 1 of the previous tax year. This notice includes both 2024 and 2025 values, making it easy for all property owners to recognize increases or decreases in assessed value from the previous year.

Median price of single-family homes declines

The median value of single-family homes decreased by approximately 3% from the 2024 Announcement to the 2025 Announcement. This decline reflects changes in the market across Yavapai County. Sales generated in 2022 and 2023 were used for property valuation for the 2025 tax year based on Arizona Department of Revenue guidelines.

Petition for review of value notice

All property owners should determine the full cash value and legal class of their property. If you believe the full 2025 cash value and/or legal classification is incorrect, please consider filing a petition for review. Information about the appeals process is included in the Notice of Value.

Glossary of terms and facts about property values ​​and Arizona law

“Can I dispute the full cash value or property classification?”
Yes, according to Ars § 42-16051 allows property owners to object if they disagree with the Full Cash Value (FCV) or property classification. Restricted property values ​​cannot be challenged unless the calculations outlined in Arizona Revised Statutes Sections 42-13301 through 42-13304 are incorrect.

“What is Full Cash Value (FCV)?”
For property tax purposes, “full cash value” (FCV) is synonymous with market value unless a statutory formula exists (a formula required by state law to be used in establishing value). If the full cash value is not determined by a statutory formula, current market conditions alone determine the amount that increases from one year to another. Many people have the mistaken impression that there is a limit to how much Full Cash Value can increase. This requirement only applies to “Limited Price”. Another misconception is that “full cash value” should be a percentage below market value, as stated in newspaper articles. The percentages mentioned in the newspapers were related to the target level of the “sales ratio” (see below: What is the sales ratio?).

“What is limited asset value and how is it determined?

The purpose of Limited Property Value (LPV) was to create a hedge against inflationary increases in the market value of real estate. The legal calculation limits the amount of increase that can occur from one year to the next. The restricted asset value is what is used against the main tax rate.

Restricted property values ​​are determined by law. State law provides the formula used to calculate restricted property values ​​(see Arizona Revised Statutes §§ 42-13301 through 13304).

Rule A: Typically, for real estate, the limit price is 5% higher than the previous year's limit asset value. Restricted asset value cannot exceed full cash value.

Rule B: One exception to this restricted property value calculation is if there are physical changes (new improvements, demolition, change in lot size) or a change in the use of the property, or if there has been an incorrect appraisal in previous years. In such cases, the restricted property value is established by the relationship (as a percentage) of the full cash value to the restricted property values ​​of other properties within the same legal classification within the designated area.

Please refer to the Arizona Department of Revenue guidelines for more information.

“What is a property class? How does it affect my value?”

Arizona's property tax system “classifies” property according to its use. Pursuant to state law, each class of property is assigned an assessment rate ranging from 1% to 17% (as of tax year 2023). Appraisal ratios are applied to both the full cash value and limited real estate value of a parcel to determine the “net appraised value” (NAV) of the property. All classifications within a tax jurisdiction use the same tax rate.

Note: The information provided here is generally correct, with the exception of the Arizona classification scheme. Properties that do not fit into a specific classification default to class 2. Below is a general, non-exhaustive description of each property class. For detailed definitions, please click on the statutory reference in the link below. https://sboe.az.gov/faq/property-valuation

(Section source: https://sboe.az.gov/faq/property-valuation )

For more information, please contact us below.
Examiner Judd Simmons
Phone: 928-771-3220
Email: judd.simmons@yavapaiaz.gov

About the Yavapai County Assessor

Judd Simmons, Yavapai County Assessor

Judd and his family moved to Arizona in 1970 and have called Prescott home since 1978. Groom He grew up in a historic home on the Creek. The house originally served as a saloon for the many miners and cowboys traveling from the city to the Bradshaw Mountains.

Judd graduated from Prescott High School and earned a bachelor's degree in business administration from Northern Arizona University. He worked as a real estate appraiser for over 20 years and ran his own appraisal company. His time as an appraiser and real estate agent was part of his inspiration to run for county assessor in 2016.

Judd serves on several non-profit boards and holds both appraisal and real estate licenses. He is the proud father of two adult sons. In his free time, he can often be found walking one of his many great mountain bike trails throughout Yavapai County.