Maricopa County homeowners will begin to receive their latest property valuations in the mail today. Most will see a third straight annual drop in home values.
Residential property values fell an average of 15.2 percent in 2009, according to the latest report from the Maricopa County Assessor's Office.
Values fell 23 percent in 2008, following a 13 percent drop in 2007.
"It's still bad but not as bad," county Assessor Keith Russell said.
Last year, the overall median value of homes in the county fell to $131,700 from $155,300.
Some Valley cities fared better than others. For example, home values in Tempe declined 13.4 percent in 2009, while they dropped 27.3 percent in Tolleson.
County homeowners have yet to see declines in property taxes similar to the drops in property valuations, and they won't again this year.
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