Single Year Valuation Cycle Arizona Association of Assessing Officers

Arizona’s Current System  March 1, 2015 NOV  September, 2016 Taxes Paid  June May 2014 Data Collection

Data Tax Bill = 3 ½ Years

Consequences  Negative consequences of the dual year valuation system:  Inability to respond to the market  Housing Market Crash 2008  Taxpayer confusion  Inaccurate data (old data)

Cont.  Notice Of Change  Frustrating for property owners  “Second bite”

Single Year Cycle  February 1, 2015 NOV  September 2015, taxes paid  June 2013-July 2014 Data Collection

Data Tax Bill 1 ½ Years

Benefits  If this system would have been in place, properties would have received valuation relief in February 2009.

More Accuracy  With Data collected closer to the tax bill, the values are more accurate when compared to current market.  Benefits in an up and down market.  Proposition 117

Repeals the Notice of Change  No longer needed in a one year system.

Simpler, Straightforward System  You receive your valuation, and tax bill within the same year.