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Welcome Tax Agent/Attorney Meeting March 13, 2014 ASSESSOR Paul D. Petersen.

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Presentation on theme: "Welcome Tax Agent/Attorney Meeting March 13, 2014 ASSESSOR Paul D. Petersen."— Presentation transcript:

1 Welcome Tax Agent/Attorney Meeting March 13, 2014 ASSESSOR Paul D. Petersen

2 Introductions – New Roles Paul Petersen – Assessor o Appointed August 19, 2013 o DOR Certified Appraiser o Started in Office January 2006 o Attorney o ASU Graduate ASSESSOR Paul D. Petersen

3 Introductions – New Staff Robert Pizorno – Communications Director Michael Combrink – Legislative Liaison Eric Bails– Chief Technology Officer ASSESSOR Paul D. Petersen

4 Introductions – New Roles Tom Rief – Manager o Splits Mapping o Ownership o Deeds Armando Chavez – Manager o Personal Exemptions o Public Assistance o Permits o Appeals o Splits o Organizational Exemptions o Senior Valuation Protections ASSESSOR Paul D. Petersen

5 Introductions – New Roles Socorro Candelaria – Manager o Industrial/Warehouses o Hospitals o Hotels o Resorts o Retail o Shopping Centers o Business Personal Property/IPR Cathe Cuneo – Manager o Canvassing o Agriculture o Land o Mobile Homes ASSESSOR Paul D. Petersen

6 Introductions – New Roles Diane Skidmore – Manager o Apartments 13 & Up o Nursing Homes o Convenience Stores o Mini Storage o Restaurants o Offices o Miscellaneous Commercial ASSESSOR Paul D. Petersen

7 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 ASSESSOR Paul D. Petersen

8 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 SBOE o August 15, 2014– Deadline for the Assessor to mail decisions on the appeals ASSESSOR Paul D. Petersen

9 Please no Highlighted Areas on the Appeal Forms ASSESSOR Paul D. Petersen

10 Incomplete Petition Primary Reasons: o Outdated DOR form o Signature(s) missing o Electronic signatures will be accepted o Missing Agent Authorization form o Missing supporting evidence o Parcel was not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) ASSESSOR Paul D. Petersen

11 Petition for Assessor Review ARS 42-16051 An owner of property that in the owners opinion has been valued too high may file a petition with the Assessor o Petition shall state: o Owners opinion of value o 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 ASSESSOR Paul D. Petersen

12 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. ASSESSOR Paul D. Petersen

13 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 Petitioner o Officer of a corporate petitioner o General partner o Designated agent ASSESSOR Paul D. Petersen

14 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 owner o Have the same use o Appealed on the same basis o Located in the same geographic area o Submitted on a form prescribed by the Department ASSESSOR Paul D. Petersen

15 Multiple Parcel Appeals Different types of property must be filed separately: o Residential o Commercial o Land o Agricultural o Exemptions ASSESSOR Paul D. Petersen

16 Scheduling Matrix Our goal is to schedule an agent or agency in a meeting room for the day. Our staff will come to that room for your appeals. ASSESSOR Paul D. Petersen

17 Meeting Room Assignments Depot Building (501 W Jackson): o Residential o Exemption Administration Building (301 W Jefferson, Suite A210) o Commercial o Agricultural/Land o Mobile Home ASSESSOR Paul D. Petersen

18 Questions Thank You

19 Maricopa County Assessors Office Tax Year 2015 Valuation Overview 19 ASSESSOR Paul D. Petersen

20 Maricopa County Property Types 20 ASSESSOR Paul D. Petersen

21 21 ASSESSOR Paul D. Petersen Median ValuesFCV %LPV % FCV 2015FCV 2014Change VACANT LAND26,00021,10023.22%5.00% SINGLE FAMILY RESIDENTIAL160,700128,00025.55%5.00% CONDOMINIUM91,00071,20027.81%5.00% APARTMENTS126,600101,70024.48%5.00% COMMERCIAL376,400342,4009.93%5.00% MANUFACTURED HOUSING56,10050,00012.20%5.00% All exempt property, new construction, additions, alterations or any change in use have been removed from this analysis Tax Year 2015 & 2014 Comparison Full Cash Value Analysis

22 22 ASSESSOR Paul D. Petersen

23 Vacant Land 23 ASSESSOR Paul D. Petersen

24 Vacant Land 24 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 ASSESSOR Paul D. Petersen

25 Residential/Condo 25 ASSESSOR Paul D. Petersen

26 Residential/Condo 26 ASSESSOR Paul D. Petersen

27 27 42,460 46,165 25,892 10,998 ASSESSOR Paul D. Petersen 2007: 10,998 2008: 42,460 2009: 52,866 2010: 54,485 2011: 46,165 2012: 25,892 2013: 11,379

28 Residential/Condo 28 ASSESSOR Paul D. Petersen

29 Residential 29 ASSESSOR Paul D. Petersen

30 Condo 30 ASSESSOR Paul D. Petersen

31 Commercial 31 ASSESSOR Paul D. Petersen

32 Commercial 32 ASSESSOR Paul D. Petersen

33 Commercial 33 9% of the 2009 Sales are REO ASSESSOR Paul D. Petersen

34 Commercial % change by type 34 ASSESSOR Paul D. Petersen

35 Apartments 35 ASSESSOR Paul D. Petersen

36 Apartments 36 ASSESSOR Paul D. Petersen

37 Apartments 37 ASSESSOR Paul D. Petersen

38 Apartments 38 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 ASSESSOR Paul D. Petersen

39 Apartments Median % Change 39 ASSESSOR Paul D. Petersen

40 CAMA Model Overview 40 All remaining property types are valued using the Cost Approach ASSESSOR Paul D. Petersen PROPERTY TYPEMODEL TYPE ResidentialMarket CondoMarket Vacant LandMarket 2-12 Unit ApartmentsMarket 13 + Unit ApartmentsIncome Hotels/Resorts > 200 RoomsIncome Commercial CondoMarket Warehouse/IndustrialMarket

41 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 (9300-9800s) – 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 ASSESSOR Paul D. Petersen

42 Commercial Market Areas 42 Market AreaAdjustmentCommercial type 1-20%Retail Excluding 1130s (strip) 1-40%Remaining CM Cost 2-30%Retail Excluding 1130s (strip) 2-40%Remaining CM Cost 3-20%Retail Excluding 1130s (strip) 3-40%Remaining CM Cost 4-25%Retail Excluding 1130s (strip) 4-40%Remaining CM Cost 5-30%Retail Excluding 1130s (strip) 5-40%Remaining CM Cost 6-30%Retail Excluding 1130s (strip) 6-40%Remaining CM Cost ASSESSOR Paul D. Petersen

43 Commercial Market Areas 43 Market Area Sub Mkt. AdjustmentCommercial type 1-20%Retail Excluding 1130s (strip) 1-40%Remaining CM Cost 2-30%Retail Excluding 1130s (strip) 2-40%Remaining CM Cost 3-20%Retail Excluding 1130s (strip) 3-40%Remaining CM Cost 4-25%Retail Excluding 1130s (strip) 4-40%Remaining CM Cost 5-30%Retail Excluding 1130s (strip) 5-40%Remaining CM Cost 6-30%Retail Excluding 1130s (strip) 6-40%Remaining CM Cost ASSESSOR Paul D. Petersen

44 Proposition 117 What does this mean? To Values To Taxes To Taxpayers ASSESSOR Paul D. Petersen

45 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 ASSESSOR Paul D. Petersen

46 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 ASSESSOR Paul D. Petersen

47 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 ASSESSOR Paul D. Petersen

48 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 ASSESSOR Paul D. Petersen

49 Valuation Trends Prop 117 Begins ASSESSOR Paul D. Petersen Prop 117 Begins

50 Conclusion The duties of the Assessors 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 ASSESSOR Paul D. Petersen

51 Contacts Paul Petersen, Assessor 602-506-3877 David Beau Boisvert, Chief Appraiser 602-372-1629 Armando Chavez, Valuation Relief Manager 602-506-5727 ASSESSOR Paul D. Petersen

52 Questions Questions asked and emailed will be available on the website: ASSESSOR Paul D. Petersen

53 Questions Thank You ASSESSOR Paul D. Petersen

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