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...... :-(