Flagstaff-area homeowners are seeing assessed values jump, on average, more than 20 percent for the second year in a row.

As valuation notices trickle into mailboxes, some homeowners will see an even bigger spike in valuations — Old Flagstaff near downtown experienced a 40 percent jump in the average market value of homes.

And in the bedroom communities of Doney Park, Fort Valley and Kachina Village outside Flagstaff, assessed valuations rose just as sharply, with Doney Park jumping 40.3 percent.

That doesn’t mean property taxes are going up by that amount, however. Under state law, local governments have limits on how much revenue can be raised from property taxes and how much tax revenues can rise in one year. When values go up, taxing agencies adjust their tax rates downward to avoid collecting too much revenue.

azdailysun.com