A silver lining in Chandler's declining home prices

I received my home valuation statement from Maricopa County Assessor’s office yesterday.  The bad news is my home’s assessed value is thousands of dollars lower than it was last year and yours probably is too.  The good news is our taxes should reflect that decrease and be lower.  But don’t look for that savings this year. The taxes we pay this year reflect our homes’ assessed value 2 years ago.  So, we’ll see our lower taxes based on this years assessed value in 2010 as long as the county, city and school districts control their debt and don’t raise rates.

Assessor Keith Russell reported the median Chandler home value dropped 12 percent – from $248,000 to $218,200 – since the 2008 (assessed value is usually lower than the actual value of a home).

In comparison Mesa’s assessed home values dropped 11 percent, Scottsdale’s and Tempe’s assessed home values both dropped 8%, Gilbert’s & Queen Creek’s assessed home values dropped 13% and Sun Lakes dropped 14%. The biggest assessed valuation drop in the county was recorded in Buckeye at 25%.

Note of caution…don’t start planning where you’re going to spend that tax savings in a couple years.  A 12% reduction in assessed value will result in a tax savings of about $100.  Might not pay for a vacation…but it will definitely get you a nice new swim suit!