@Sheldon – you’re correct in that there is no easy way to compare assessments within a given area (short of searching public record, which would be excruciating). As someone who has looked at a LOT of assessed values, I can say that they generally are “fair” (fair as in homes that have a higher market value almost always have a higher assessed value).

If, and it’s a big if I should have clarified in the post, all things are held equal, when the FCV is lowered, your overall property tax will be reduced. *IF* all things are held equal (particularly the formulas and tax rates). BUT, local governments — despite glaring evidence to the contrary — are not stupid. When they know that assessed values have dropped, they are going to want to do something to shore up their tax base. And they can get very creative in how that’s done.

But I wrote here mainly to try and squash the *myth* that if your property value goes down so does your property taxes!

I didn’t see your comment before I wrote mine (above), so you have answered my questions to Jay. Very well stated. Thanks.

It was an excellent article in spite of the “Fair vs. Full” typo. But in Maricopa County, aren’t there are two values that we need to consider when considering the property tax aspect? The Full Cash Value (FCV) may go down (as shown by the above table); but the Limited Property Value (LPV) will always increased. And the total property tax is based on both values. I don’t know what the tax rate is on either value, but is it possible that our total 2010 tax bill doesn’t decrease, in spite of the FCV decreasing?