At the time of an assessment, 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.
Each year you will receive a Residential Notice of Value from the Maricopa County Assessor. What does it mean? Why are the numbers so . . . strange? Calm down, and read this article I wrote about your Notice of Valuation. Although it was written during a time of increasing home values, the concepts are valid no matter what the residential housing market looks like at the time.