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Maricopa County Assessor’s OfficeTax Year 2013 Valuation Overview

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Maricopa County Property Types

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FCV %FCV 2013 FCV 2012 Change

VACANT LAND 15,771 17,000 -7.23%SINGLE FAMILY RESIDENTIAL 109,100 118,100 -7.62%CONDOMINIUM 61,000 70,500 -13.48%APARTMENTS 69,600 71,700 -2.93%COMMERCIAL 353,547 402,559 -12.18%MANUFACTURED HOUSING 47,877 49,695 -3.66%

Median Values

All exempt property, new construction, additions alterations or any change in use have been removed from this analysis.

Tax Year 2012 & 2013 ComparisonFull Cash Value Analysis

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Vacant Land

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Vacant Land

44% of the 2009 Sales are REO42% of the 2010 Sales are REO42% of the 2010 Sales are REO

36% of the 2011 Sales are REO

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Residential/Condo

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Residential/Condo

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2007

10,998

2008

42,460

2009

52,866

2010

54,485

2011

46,165

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42,150

52,865 18,941

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Residential/Condo

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Residential

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Condo

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15Commercial

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Commercial

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Commercial

9% of the 2009 Sales are REO9% of the 2009 Sales are REO

20% of the 2010 Sales are REO36% of the 2011 Sales are REO

18Commercial % change by type

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Apartments

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Apartments

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Apartments

71% of the 2009 Sales are REO

44% of the 2010 Sales are REO71% of the 2009 Sales are REO44% of the 2010 Sales are REO40% of the 2011 Sales are REO

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Apartments

21% of the 2009 Sales are REO

34% of the 2010 Sales are REO

31% of the 2011 Sales are REO

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Apartments

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CAMA Model Overview

All remaining property types are valued using the Cost Approach

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Reminders For 2013• Commercial Cost Sub Market Adjustment

– Based on Commercial Market Area and Use Code– Excludes statutorily assessed shopping centers– Excludes exempt government property (9300-9800’s)

– Offices > 10,000 sqft have a separate schedule– Hospitals (Puc 211x, 901x) -35%

– Applied to the improvement value only

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Commercial Market Areas

Market Area Adjustment Commercial type

1 -30% Retail Excluding 1130’s (strip)1 -45% Remaining CM Cost2 -40% Retail Excluding 1130’s (strip)2 -45% Remaining CM Cost3 -30% Retail Excluding 1130’s (strip)3 -45% Remaining CM Cost

4 -30% Retail Excluding 1130’s (strip)

4 -45% Remaining CM Cost5 -40% Retail Excluding 1130’s (strip)5 -45% Remaining CM Cost6 -40% Retail Excluding 1130’s (strip)

6 -45% Remaining CM Cost

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Commercial Market Areas

Market Area Sub Mkt. Adjustment Commercial type

1 -30% Retail Excluding 1130’s (strip)1 -45% Remaining CM Cost2 -40% Retail Excluding 1130’s (strip)2 -45% Remaining CM Cost3 -30% Retail Excluding 1130’s (strip)3 -45% Remaining CM Cost

4 -30% Retail Excluding 1130’s (strip)

4 -45% Remaining CM Cost5 -40% Retail Excluding 1130’s (strip)5 -45% Remaining CM Cost6 -40% Retail Excluding 1130’s (strip)

6 -45% Remaining CM Cost

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Thank-you