It's that time of year. You should be receiving your Notice of Valuation from the Maricopa County Assessor. Before you take a look at it, keep in mind that home values in Maricopa County, where most of Greater Phoenix is located, increased, although at a slower rate than the year before, and your new assessment will take that into account. So grab a glass of wine, make yourself a hot bath, place aromatherapy candles around the house, play some soothing music, or do whatever calms you down. Now, take a look. OK. You're still standing. My residential value went up by 42% in 2007. In 2008, it will go up by another 13%. How about yours? Now here's what it means.

The Maricopa County Assessor will generate a Valuation Notice to each property owner. The property value (by law) should reflect what you could sell your property for in the open market (market value), without undue pressure, and in a typical arms-length transaction for cash or its equivalent.

Typically, the property value of a home is set by comparing the sales of similar properties which are adjusted for differences in function, physical age, location, etc. If a taxpayer chooses to appeal either the Full Cash Value or classification of their property, they may do so by filing an administrative appeal with their County Assessor or they may appeal directly to court (Tax Court or the County Superior Court). You can find the steps for filing such an appeal here. If you'd like to find out the value of a particular parcel, you may use the online Residential Parcel Search function.

Remember, the Residential Notice of Valuation is NOT a tax bill. There is a lot of confusion and misunderstanding about the difference between property valuation notices and tax bills, and it is important to understand the difference.

The purpose of the assessed value is to estimate each property owner’s pro rata share of the total tax liability. It doesn't mean that your tax bill will go up by a similar percentage. So, for instance, my real estate taxes in 2007 did not go up by 42%. Not even close. The total tax liability for any given year is not known until each taxing jurisdiction finalizes its budget, usually in August of each year.

If you are over 65 years of age, and meet the eligibility requirements, you may be able to apply for property valuation protection. Check here for details.