What is full cash value?

Asked by Jb, 85379 Mon Feb 2, 2009

If I purcahsed a home in 2005 for $460,000.00 and now its "full cash value" is $260,000.00, does this mean this is fair market value, and this is what it would sell for if I put it up today?

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Thu Apr 21, 2011
There is good info below. I'll try not to repeat what has already been said. The key is not to take the county assessor's values too seriously when buying a home. The values from the county are meant as a means to determine taxes. The only way to determine market value is buy comparing a home to other homes sold in the same market. This is called a CMA and Realtors provide this service free of charge. Call me, I'd be glad to help.
1 vote
Ann Howell, Agent, Prescott, AZ
Fri Apr 15, 2011
JB - The Market conditions in Surprise, unfortunately, are still on the down slide. In today’s volatile market it is important to get direct information about your home in your market. Your neighborhood may be more (or less) stable than the market in general. To be succint: Home values are not based on what your tax bill says, what you paid for the home or what you owe on the home. Values are based on what a buyer will pay for your home.
I would recommend that you contact a realtor that specializes in listing properties in your area. A good realtor should be able to help you determine what your home should list for and at what price offers are coming in for - based on comparison of your home to recent sales for like homes that are near you.
The other option is to pay for an appraisal.
You are not alone in trying to figure out what your situation in the current housing market is – these days it is a moving target. I do know that you are wise to stay on top of what your assets are worth!
Web Reference:  http://www.ProsperAZ.com
0 votes
Gp, , Prescott Valley, AZ
Sun Apr 3, 2011
The Assessor's responsibility is to locate, identify, and appraise property at "Current Market Value". The "Current Market Value" or "Full Cash Value" of all real property in Arizona is the starting point for determining taxable values. Arizona courts have interpreted the term "full cash value" to mean the "cash equivalent value" of the property.

The Assessor does not create the value. People make the value by the decisions they make in the marketplace. The Assessor has the legal responsibility to study those transactions and appraise property accordingly.

"Market Value" is defined as the probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.

Once market values have been calculated based on information gathered by the property appraisers, the values are analyzed to determine how accurate and equitable they are. The property appraiser does not create market value. The buying and selling of property by the general public establishes the value of property in the real estate marketplace.

A comparison of assessments to sales prices is performed to determine ratios, which are then used to measure the levels and uniformity of assessments. Sales ratio studies by neighborhood, type of property and other characteristics are performed on a regular basis to assure uniformity of values.

The items below are examples of factors taken into account when assessors value your property. These factors taken in combination with recent home sale statistics, allow assessors to establish a "market value" assessment for residential properties.

Style of Building (examples: single level, bi-level, specialty homes)
Use of property
Size of lot
Size of house (outside measurements)
Year built
Additional Structures (examples: garages, porches, swimming pools)
Exterior finish
Building condition
Type of roof
Fireplaces, air conditioning or other special features

So in my opinion, based on the factual information above, I would agree that "Full Cash Value" is "Current Market Value," unfortunately. This information came directly from an online government source. It's sad to hear, but this is the sad truth.
0 votes
I'm confused, I looked up the parcel information on my mothers home and property online using the tool on Mohave County, AZ Recorder. the parcel's land value is $30,160.00 the improvement Value is $32,047.00. The full cash value is $62,207 but the assessed full cash value is $6,221. Is the 6,221 amount of taxes for the year?
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Brad Bergami…, Agent, Prescott, AZ
Tue Feb 3, 2009
David is correct if you are looking at your tax bill the full cash value is the assessed value of your home. In Prescott your home may be worth considerably more on the market than that 'full cash' value. Check with me if you are interested in a Comparative Market Analysis on your home. No cost to you.
Have a great day,
Web Reference:  http://bradbergamini.com
0 votes
David - Appr…, , Maricopa, AZ
Tue Feb 3, 2009
"Full cash value" and "Fair market value" are two different values. It is possible that the two may be the same or close to being the same (within a reasonable amount difference). "Full cash value" for property tax purposes is that value determined as prescribed by statute which is used as the basis for the purpose of assessing, fixing, determining and levying secondary property taxes. A.R.S. § 42-11001(5). It is also referred to as assessed value.

"Fair market value" for real estate transaction purposes is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus, by special or creative financing, or sales concessions granted by anyone associated with the sale. This is also referred to as appraised value.
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