2007/2008 Assessed Taxes.. Hope you're siting down

[HIKER]

I just saw the 2007/2008 Assessed Tax rates for Maricopa County and almost fell out of my chair. Not one and I mean NOT ONE was under a 50% increase in the Gilbert/Chandler area. Last year everyone was around 0%. If you don't know assessed value works, it always reflects 2-3 years back. Two years back the valley was hit with the biggest increase of value in history and next year your assessed value will reflect that jump. So if your taxes are currently $1500/mo, expect them to be around $2200+. Now divide that increase by 12 and you can see what your house payment will go up. If you want to see what yours has gone up by percentage...go to:

http://www.maricopa.gov/Assessor/

Hit "Advanced Search Options

..and enter your address.

Now check out the big jump in Full Cash Value (FCV): from 2006 to 2007.... OUCH

Calculate that percentage jump and use that percentage to figure out your property taxes.

I use a fee based website and it give the exact amount. Mine is going up 59% and 8% in 2008.

The good news in with the market downturn and values coming down 10-15% this year and maybe another 5-10% next year, 2009-2010 taxes will come down some.

Expect a letter from your lender after Nov with the happy news...... :-(

[Trick Pony]

If there was any integrity in government, they would reduce the tax rate an equivalent amount to compensate but most likely, they will take the money and run. My property in Pinetop jumped over 60% and Navajo county responded with a 3% rate reduction.

[BurnTire]

Still beats my old house in PA which is now $6,000 a year.

[HIKER]

Yeah...even with this big increase we're still cheaper then most large metro areas around the country. My buddy in upstate NY pays over $8K/yr for his 2400sqft home on 1/2 acre.