The Maricopa County Assessor’s Office said last week that residential property values in the county, which includes Phoenix, fell 15.2% in 2009. The median home value fell to $131,700 from $155,300 in 2008.
The county office assesses some 1.5 million properties.
Property values in Maricopa fell by 13% in 2007 and 23% in 2008. However, homeowners won’t see a big drop in property taxes, because the tax bills won’t reflect the latest valuation for another 18 months.
More than 20,000 property owners appealed their valuations in 2009, more than double the amount of appeals in 2005.
