Maricopa County lowers property taxes

Posted: Updated:

PHOENIX -- Maricopa County authorities say the decline of property values during Arizona's current housing recession means the county-controlled portion of property tax bills will be lower for most homeowners this year.

The county Board of Supervisors on Monday set property tax levies that will result in tax bill reductions for most homeowners.The board reduced property taxes on existing properties by $23.8 million, or 3.9 percent.

Board officials say the typical residence in Maricopa County with a median market value of $148,800, down from $192,000 last year, will see a reduction of about $25.

(Copyright 2010 by The Associated Press. All Rights Reserved.)