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Welcome
Tax Agent/Attorney MeetingMarch 13, 2014
ASSESSORPaul D.
Petersen
Introductions – New Roles
Paul Petersen – Assessor
oAppointed August 19, 2013
oDOR Certified Appraiser
oStarted in Office January 2006
oAttorney
oASU Graduate
ASSESSORPaul D.
Petersen
Introductions – New Staff
Robert Pizorno – Communications Director
Michael Combrink – Legislative Liaison
Eric Bails– Chief Technology Officer
ASSESSORPaul D.
Petersen
Introductions – New Roles
Tom Rief – Managero Splits Mapping o Ownershipo Deeds
Armando Chavez – Managero Personal Exemptionso Public Assistanceo Permits o Appeals o Splits o Organizational Exemptions o Senior Valuation Protections
ASSESSORPaul D.
Petersen
Introductions – New RolesSocorro Candelaria – Manager
o Industrial/Warehouseso Hospitalso Hotelso Resorts o Retail o Shopping Centerso Business Personal Property/IPR
Cathe Cuneo – Managero Canvassingo Agricultureo Lando Mobile Homes
ASSESSORPaul D.
Petersen
Introductions – New Roles
Diane Skidmore – Manager
o Apartments 13 & Upo Nursing Homeso Convenience Stores o Mini Storageo Restaurants o Officeso Miscellaneous Commercial
ASSESSORPaul D.
Petersen
Management Team
Tim Boncoskey – Chief Deputy Assessor
David Boisvert – Chief Appraiser
Lesley Kratz – Senior Advisor
Tim Holland – Residential Manager
Lisa Bowey – Litigation Director
Allen Zingg – Human Resource Manager
Justin Frank– Budget Analyst
ASSESSORPaul D.
Petersen
Date Deadlines
o February 21, 2014 – 2015 Notice of Values Mailed
o April 22, 2014 – Appeal Filing Deadline o June 16, 2014 – Incomplete Petitions
must be filed directly to SBOEo August 15, 2014– Deadline for the
Assessor to mail decisions on the appeals
ASSESSORPaul D.
Petersen
Please no Highlighted Areas on the Appeal Forms
ASSESSORPaul D.
Petersen
Incomplete PetitionPrimary Reasons:
o Outdated DOR form
o Signature(s) missingo Electronic signatures will be accepted
o Missing Agent Authorization form
o Missing supporting evidence
o Parcel was not noticed
o Invalid Parcel/Missing Parcel
o Duplicate appeal (procedure is to accept the first one entered into the appeals system)
ASSESSORPaul D.
Petersen
Petition for Assessor Review ARS 42-16051
“An owner of property that in the owner’s opinion has been valued too high may file a petition with the Assessor”
o Petition shall state:o Owner’s opinion of valueo Basis of valuation approach:
o Market – must include one (1) comparable property in the same geographic area as the subject
o Cost – must include cost to build plus land value
o Income – must include income and expense data relating to the property
ASSESSORPaul D.
Petersen
Income Approach
Pursuant to ARS 42-16052, petition based on the income approach shall include:
o Income and expense data relating to the property for the three most recent consecutive fiscal years
o Information ending on or before September 30 of the previous year
If the income and expense data are not available to the petitioner, the petitioner shall file income and expense data as they become available.
ASSESSORPaul D.
Petersen
Income Approach If a petitioner uses the income approach to determine valuation, the petitioner shall file a sworn affidavit under penalty of perjury acknowledging the information contained in the petition is true and correct to the best of the petitioner's knowledge.
Filing may be submitted by:o Petitionero Officer of a corporate petitionero General partner o Designated agent
ASSESSORPaul D.
Petersen
Multiple Parcel Appeals The petition may include more than one
parcel of property if:
o Part of the same economic unit according to department guidelines
o Owned by the same ownero Have the same useo Appealed on the same basiso Located in the same geographic
area o Submitted on a form prescribed by
the Department
ASSESSORPaul D.
Petersen
Meeting Room Assignments
Depot Building (501 W Jackson):o Residentialo Exemption
Administration Building (301 W Jefferson, Suite A210)o Commercialo Agricultural/Lando Mobile Home
ASSESSORPaul D.
Petersen
Maricopa County Assessor’s Office
Tax Year 2015 Valuation Overview
19
ASSESSORPaul D.
Petersen
Maricopa County Property Types
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ASSESSORPaul D.
Petersen
21
ASSESSORPaul D.
Petersen
Median Values FCV % LPV %
FCV 2015 FCV 2014 Change Change
VACANT LAND 26,000 21,100 23.22% 5.00%
SINGLE FAMILY RESIDENTIAL 160,700 128,000 25.55% 5.00%
CONDOMINIUM 91,000 71,200 27.81% 5.00%
APARTMENTS 126,600 101,700 24.48% 5.00%
COMMERCIAL 376,400 342,400 9.93% 5.00%
MANUFACTURED HOUSING 56,100 50,000 12.20% 5.00%
All exempt property, new construction, additions, alterations or any change in use have been removed from this analysis
Tax Year 2015 & 2014 ComparisonFull Cash Value Analysis
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ASSESSORPaul D.
Petersen
Vacant Land
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ASSESSORPaul D.
Petersen
Vacant Land
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41% of the 2010 Sales are REO
34% of the 2011 Sales are REO
9% of the 2012 Sales are REO
3% of the 2013 Sales are REO
ASSESSORPaul D.
Petersen
Residential/Condo
25
ASSESSORPaul D.
Petersen
Residential/Condo
26
ASSESSORPaul D.
Petersen
27
42,460
46,165
25,892
10,998
ASSESSORPaul D.
Petersen
2007: 10,998
2008: 42,460
2009: 52,866
2010: 54,485
2011: 46,165
2012: 25,892
2013: 11,379
Residential/Condo
28
ASSESSORPaul D.
Petersen
Residential
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ASSESSORPaul D.
Petersen
Condo
30
ASSESSORPaul D.
Petersen
Commercial
31
ASSESSORPaul D.
Petersen
Commercial
32
ASSESSORPaul D.
Petersen
Commercial
33
9% of the 2009 Sales are REOASSESSOR
Paul D. Petersen
Commercial % change by type
34
ASSESSORPaul D.
Petersen
Apartments
35
ASSESSORPaul D.
Petersen
Apartments
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ASSESSORPaul D.
Petersen
Apartments
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ASSESSORPaul D.
Petersen
Apartments
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32% of the 2010 Sales are REO
31% of the 2011 Sales are REO
7% of the 2012 Sales are REO
2% of the 2013 Sales are REO
ASSESSORPaul D.
Petersen
Apartments Median % Change
39
ASSESSORPaul D.
Petersen
CAMA Model Overview
40
All remaining property types are valued using the Cost Approach
ASSESSORPaul D.
Petersen
PROPERTY TYPE MODEL TYPE
Residential Market
Condo Market
Vacant Land Market
2-12 Unit Apartments Market
13 + Unit Apartments Income
Hotels/Resorts > 200 Rooms Income
Commercial Condo Market
Warehouse/Industrial Market
Reminders For 2015• Commercial Cost Sub Market
Adjustment
– Based on Commercial Market Area and Use Code
– Excludes statutorily assessed shopping centers
– Excludes exempt government property (9300-9800’s)
– Offices > 10,000 sq ft have a separate schedule
– Hospitals (PUC 211x, 901x) -30%– Data Centers 1507 -25%
– Applied to the improvement value only
41
ASSESSORPaul D.
Petersen
Commercial Market Areas
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Market Area Adjustment Commercial type1 -20% Retail Excluding 1130’s (strip)1 -40% Remaining CM Cost2 -30% Retail Excluding 1130’s (strip)2 -40% Remaining CM Cost3 -20% Retail Excluding 1130’s (strip)3 -40% Remaining CM Cost4 -25% Retail Excluding 1130’s (strip)4 -40% Remaining CM Cost5 -30% Retail Excluding 1130’s (strip)5 -40% Remaining CM Cost6 -30% Retail Excluding 1130’s (strip)6 -40% Remaining CM Cost
ASSESSORPaul D.
Petersen
Commercial Market Areas
43
Market AreaSub Mkt.
Adjustment Commercial type
1 -20% Retail Excluding 1130’s (strip)1 -40% Remaining CM Cost
2 -30% Retail Excluding 1130’s (strip)2 -40% Remaining CM Cost
3 -20% Retail Excluding 1130’s (strip)3 -40% Remaining CM Cost
4 -25% Retail Excluding 1130’s (strip)4 -40% Remaining CM Cost
5 -30% Retail Excluding 1130’s (strip)5 -40% Remaining CM Cost
6 -30% Retail Excluding 1130’s (strip)6 -40% Remaining CM Cost
ASSESSORPaul D.
Petersen
Proposition 117
What does this mean?•To Values•To Taxes•To Taxpayers
ASSESSORPaul D.
Petersen
Brief Summary
• Market exploded from tax year 2007 - 2009
• Bubble burst in tax year 2010 and continued downward spiral through tax year 2013
• The tax formula did not change which caused many to see an increase in property taxes
• The public became frustrated with the system
ASSESSORPaul D.
Petersen
Prop 117 Changes – Value• Limited Property Value can only increase to
a maximum of 5% from the previous year, excluding new construction.
• Exceptions to Prop 117• Centrally Valued Properties• Business Personal Properties• Senior Valuation Protection (freezes LPV)• New Construction, Splits, Additions,
Demolitions
ASSESSORPaul D.
Petersen
Prop 117 Changes – Taxes
• The property taxes will still be broken into the two categories: Secondary and Primary
• Secondary/Primary taxes will use the Limited Property Value in the calculation
• No change to the calculation of the levies or tax rates
ASSESSORPaul D.
Petersen
Prop 117 Changes – Taxpayer
• Easier to explain when market conditions fluctuate
• Does not mean taxes will be limited to a 5% increase
• Taxpayers need to be aware of changes in a taxing jurisdictions budget
ASSESSORPaul D.
Petersen
Valuation Trends
Prop 117 Begins
ASSESSORPaul D.
Petersen Prop 117 Begins
Conclusion
• The duties of the Assessor’s office have not changed
• The Office anticipates that there will be less appeals
• The focus will be on canvassing the county
• The tax formulas have not changed as there is still a primary and a secondary tax
ASSESSORPaul D.
Petersen
ContactsPaul Petersen, Assessor
• [email protected]• 602-506-3877
David “Beau” Boisvert, Chief Appraiser• [email protected]• 602-372-1629
Armando Chavez, Valuation Relief Manager• [email protected]• 602-506-5727
ASSESSORPaul D.
Petersen
Questions
• Questions asked and emailed will be available on the website:
• mcassessor.maricopa.gov/category/news
ASSESSORPaul D.
Petersen