PHOENIX -- New housing numbers out this week show that more consumers than expected signed contracts to buy previously owned homes.
The National Association of Realtors says the housing market continues to accelerate.
On Monday's Good Morning Arizona, we called in an expert to help us understand property taxes. Attorney Don Miner says it's important to understand tax values. "When the market's fluctuating, it may take them a year, two years, even three years to catch up," Miner tells us.
Ratios can vary according to the type of property: Commercial, vacant land, owner occupied and rental.
Miner says take a close look at your notice of property valuation. "It comes toward the end of every February," says Miner. "Look hard at those values to be sure that they're not higher than your fair market value.
The notice of value will show the full cash value of the property, the limited property value of the property, the assessment ratio, and the appeal deadline.