Phoenix Funding Sinks as Assessments Catch Up to Collapse
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Home prices are soaring in metropolitan Phoenix. Yet for local governments that depend on property taxes, the bottom of the market has just arrived.
The net assessed value of property in Maricopa County, Arizona’s largest by population, plunged to $32 billion for fiscal year 2014 -- the lowest level since 2006 and down from the peak of $49.7 billion in 2010, county figures show.