Welcome Tax Agent/Attorney Meeting February 26, 2015 ASSESSOR Paul D. Petersen

Paul Petersen – Assessor o Elected November 04, 2014 o Started in Office January 2006 o Practicing Adoption Attorney o ASU JD and Undergraduate o DOR Certified Appraiser ASSESSOR Paul D. Petersen Introductions

Armando Chavez – Supervisor o Permits o Appeals o Splits Ray Bell – Manager o Land o Agricultural o Business Personal Property Michael Jabri – Manager o Residential o Mobile Homes Heather Drake – Manager o Commercial ASSESSOR Paul D. Petersen

Tim Boncoskey – Chief Deputy Assessor David Boisvert – Chief Appraiser Eric Bails – Chief Technology Officer Lisa Bowey – Litigation Director Tom Rief – Ownership\Mapping Manager Lesley Kratz – Executive Advisor\Special Dis’t\LCV Marci Williams – Internal\Personal Property Audit Manager Allen Zingg – Human Resource Manager Justin Frank– Finance Manager Robert Pizorno – Communications\Legislative Director ASSESSOR Paul D. Petersen Assessor’s Leadership Team

o April 21, 2015 – Appeal Filing Deadline o June 15, 2015 – Incomplete Petitions must be filed directly to SBOE o July 31, 2015– Internal deadline to have completed all meetings o August 14, 2015– Deadline for the Assessor to mail decisions on the appeals ASSESSOR Paul D. Petersen Deadline Dates

Primary Reasons: o Outdated DOR form o Signature(s) missing o Missing Agent Authorization Form o Missing supporting evidence o Parcel was not Noticed o Invalid Parcel/Missing Parcel o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 Incomplete Petition

Petition for Assessor Review ARS “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 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

Pursuant to ARS , 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 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 Income Approach

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 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 Multiple Parcel Appeals

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

The duties of the Assessor’s office have not changed. The focus will be on canvassing the county to clean property component characteristics. The 2016 assessment ratios changed. – Class 2 is at 15% – Class 1 is at 18% ASSESSOR Paul D. Petersen Conclusion

Paul Petersen, Assessor David “Beau” Boisvert, Chief Appraiser Frankie Woodard, Appeals Coordinator ASSESSOR Paul D. Petersen Contacts

Questions Questions asked and ed will be available on the website: mcassessor.maricopa.gov/category/news ASSESSOR Paul D. Petersen

ASSESSOR Paul D. Petersen Maricopa County Assessor’s Office Tax Year 2016 Valuation Overview

Maricopa County Property Types 17 ASSESSOR Paul D. Petersen

18 ASSESSOR Paul D. Petersen Median ValuesFCV %LPV % FCV 2016FCV 2015Change VACANT LAND31,50027, %4.30% SINGLE FAMILY RESIDENTIAL172,300161, %4.93% CONDOMINIUM100,10091, %5.00% APARTMENTS146,100128, %5.00% COMMERCIAL434,100381, %3.24% MANUFACTURED HOUSING59,00056, %3.75% All exempt property, new construction, additions, alterations or any change in use have been removed from this analysis Tax Year 2016 & 2015 Comparison Full Cash Value Analysis

20 Vacant Land

21 Vacant Land 3% of the 2013 Sales are REO

22 Residential/Condo

23 Residential/Condo

24 42,460 52,866 42,460 25,892 11,379 10,998 42,460 52,866 54,485 46,165 25,892 11,379 6,

25 Residential/Condo

26

27 Commercial

28 Commercial

29 Commercial 9% of the 2009 Sales are REO

ASSESSOR Paul D. Petersen Commercial % change by type

31 Apartments

32 Apartments

33 Apartments

34 Apartments

Apartment Median % Change 35 ASSESSOR Paul D. Petersen

CAMA Model Overview 36 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 Offices < 22,000 SFMarket

Reminders For 2016 Commercial Cost Sub Market Adjustment – Based on Commercial Market Area and Use Code – Excludes statutorily assessed shopping centers – Excludes exempt government property ( ’s) – Offices > 10,000 sq. ft. have a separate schedule – Hospitals (PUC 211x, 901x) -20% – Data Centers % – Applied to the improvement value only 37 ASSESSOR Paul D. Petersen

2016 Sub Market Adjustments 38 ASSESSOR Paul D. Petersen

Questions Questions asked and ed will be available on the website: mcassessor.maricopa.gov/category/news Thank you. ASSESSOR Paul D. Petersen