Yavapai County Commercial Property Values Assessed
Recently the Yavapai County Assessor’s Office raised the full cash value (FCV) for some commercial property owners in the Prescott Valley. At the same time full cash values for residences were generally lowered. According to the Department of Revenue (DOR), commercial property values have been undervalued since about 2001. They report that the median value is low by as much as 30% across the board. The assessor’s office tried to negotiate with the DOR based on their initial FCV raise requirements – they believe what the DOR wants in increases is just not reasonable – too much, too fast. However, if they don’t come to compliance the DOR can issue an equalization order.
The Daily Courier reports, “An equalization order is equivalent to a hostile business takeover – the Department of Revenue sets full cash values and it sets them at the high end of the ratio study. For commercial property owners, that would mean going from about 60 percent of full cash value to 82 percent.”
So why have commercial properties been so under-valued for the last several years? There are no good answers, or at least no one is speaking up – but the inequity does affect the county budget. When the whole picture is not balanced one side isn’t paying a fair share which creates problems. The DOR is trying to restore this balance.
If you have questions or concerns about your Prescott property, contact local Prescott Realtor Tim Anderson for help. You can also download information about assessments by visiting www.co.yavapai.az.us and clicking on the Assessor’s Office. Additionally “Property Valuation” pamphlets are available at the county administration building.
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