FLORENCE, AZ – Last week, Pinal County Assessor Douglas Wolf delivered the 2013 official report of property values to the Pinal County Budget office. The number for 2013 was slightly over $18 billion, a decline of over $900 million from last year’s figure of $18.9 billion. The total for 2013 also included $364.7 million in new construction. There were 247,931 parcels and accounts in this year’s report compared to 247,526 in 2012.
As required by state law, the values for 2013 were based on real estate sales from 2010 and 2011. Property values were still weak for those years, which accounts in part for the decline of the 2013 abstract.
“While we are currently seeing some recovery in the housing sector, the 2013 Abstract of Value does not reflect that because the law requires us to go back in time to determine value. We do anticipate some price recovery to show up in the 2014 Notices of Value, which will be mailed out to property owners this month,” stated Mr. Wolf.
Pinal County and local taxing authorities within the county plan their budgets for the year ahead based on the 2013 Abstract of Values that was released last week.