Many experts believe that this is a strong sign that the Phoenix real estatemarket is on its way to a full recovery.At the end of February, the Maricopa County Assessor’s Office sent out valuation notices for the upcoming 2015 tax year. The value of properties in every classification, including condominiums, commercial property and single family homes, saw an increase. The values were based on conditions in the market from summer 2012 to summer of last year.
The numbers for both commercial and residential properties are extremely encouraging. Notably, this is the first time since 2009 that commercial properties saw an increase in value. This is also the second straight year that the median value of single family homes in the area increased by at least 10 percent. Overall, the median value of a single family home in Maricopa County was listed as $160,000, an increase of 23 percent over the previous tax year.
The increase in property values is good news for homeowners, but it may also be good news for the county, as well. Over the past few years, the county’s operating budget has shrunk as property values decreased. The budget for the upcoming fiscal year has yet to be determined, but increasing property values may help the county to avoid difficult questions about raising tax rates or cutting the overall budget. Currently, it is too soon to tell whether property owners will see an increase or a decrease in their property taxes for the upcoming year.
More than anything else, however, this news about property values shows that the local real estate market is continuing to heat up. Toward the end of 2013, real estate experts speculated that the upward trend in the prices of both commercial and residential properties would continue, and the recently released valuation notices seem to indicate that this belief was correct.
While the real estate market in Phoenix heats up, many may decide that the time is right to purchase a home or to invest in a commercial property. No matter the situation, advice from an experienced real estate attorney can provide prospective property owners with peace of mind that their transactions will go smoothly. If a dispute does arise, a real estate attorney can counsel you on the best course of action to bring it to an advantageous end. For more information, schedule a meeting with a real estate attorney today.