1

Maricopa County Assessor’s OfficeTax Year 2012 Valuation Overview

2

Maricopa County Property Types

3

FCV %FCV 2012 FCV 2011 Change

VACANT LAND 18,500 23,500 -21.28%SINGLE FAMILY RESIDENTIAL 117,700 132,200 -10.97%CONDOMINIUM 70,500 85,000 -17.06%APARTMENTS 72,100 108,500 -33.55%COMMERCIAL 408,226 480,800 -15.09%MANUFACTURED HOUSING 49,605 56,564 -12.30%

Median Values

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

Tax Year 2011 & 2012 ComparisonFull Cash Value Analysis

4

050,000

100,000150,000200,000250,000300,000350,000400,000450,000500,000550,000600,000650,000700,000

LAND SFR CONDO APT COMM MANU

Historical Fcv Comparison

FCV 2006

FCV 2007

FCV 2008

FCV 2009

FCV 2010

FCV 2011

FCV2012

5

Median FCV Change

Tax Year 2008 - 2012

6

Vacant Land

7

Vacant Land

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

8

Residential/Condo

9

42,150

52,865 18,941

2007

10,998

42,460

2008 2009 2010

52,806 54,273

10

11

Residential/Condo

12

Residential/Condo

13

Residential/Condo

14

15

Commercial

16

Commercial

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

20% of the 2010 Sales are REO

17

Commercial % change by typeMedian

-.0486

-.0899

-.1096

-.1647

-.1138

-.1201

-.1070

-.0827

-.1801

-.0585

-.1252

-.1405

-.1139

-.1297

-.2166

-.0749

-.1470

-.0368

-.0636

-.0849

-.1825

-.1821

-.1409

USE2DIGHOTEL

MOTEL

RESORT

CONVERTED RES

CONVENIENCE MARKET

STORE COMBO

DEPARTMENT STORE

SHOPPING CENTER

OFFICE

BANK

SERVICE STATION

VEHICLE SALES

RESTAURANT

MEDICAL

RACE TRACK

THEATERS

PARKING FACILITIES

CLUBS, LODGES, REC

PARTIALLY COMPLETE

PRIVATE SCHOOL

INDUSTRIAL

WARHOUSE

Total

MedianPercentChange

18

Apartments

19

Apartments

71% of the 2009 Sales are REO

44% of the 2010 Sales are REO

71% of the 2009 Sales are REO

44% of the 2010 Sales are REO

20

Apartments

21% of the 2009 Sales are REO

34% of the 2010 Sales are REO

21

Apartments

TAX YEAR 2012 APARTMENT % CHANGE

Median

-.2234

-.2401

-.2383

TYPEMULTI-FAMILY 13 AND UP

2 TO 12 UNIT APARTMENTS

Total

PercentChange

22

CAMA Model Overview

All remaining property types are valued using the Cost Approach

23

Reminders For 2012• 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

– Applied to the improvement value only

24

Thank-you