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Maricopa County Assessor’s OfficeTax Year 2014 Valuation Overview

2Maricopa County Property Types

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FCV % LPV %FCV 2014 FCV 2013 Change Change

VACANT LAND 15,800 15,884 -0.53% 0.00%SINGLE FAMILY RESIDENTIAL 127,000 109,600 15.88% 10.00%CONDOMINIUM 70,500 62,000 13.71% 10.00%APARTMENTS 101,000 70,100 44.08% 12.53%COMMERCIAL 350,500 359,000 -2.37% -2.91%MANUFACTURED HOUSING 50,100 47,785 4.85% 4.52%

Median Values

All exempt property, new construction, additions alterations or any change in use have been removed from this analysis.

Tax Year 2013 & 2014 ComparisonFull Cash Value Analysis

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Vacant Land

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Vacant Land

44% of the 2009 Sales are REO36% of the 2011 Sales are REO

42% of the 2010 Sales are REO

36% of the 2011 Sales are REO

11% of the 2012 Sales are REO

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Residential/Condo

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Residential/Condo

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2007

10,998

2008

42,460

200952,866

201054,485

2011

46,165

2012

25,892

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Residential/Condo

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Residential

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Condo

14Commercial

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Commercial

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Commercial

9% of the 2009 Sales are REO20% of the 2010 Sales are REO36% of the 2011 Sales are REO17% of the 2012 Sales are REO

17Commercial % change by type

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Apartments

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Apartments

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Apartments

71% of the 2009 Sales are REO

44% of the 2010 Sales are REO71% of the 2009 Sales are REO44% of the 2010 Sales are REO40% of the 2011 Sales are REO

44% of the 2010 Sales are REO40% of the 2011 Sales are REO6% of the 2012 Sales are REO

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Apartments

34% of the 2010 Sales are REO

31% of the 2011 Sales are REO

9% of the 2012 Sales are REO

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Apartments

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CAMA Model Overview

All remaining property types are valued using the Cost Approach

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Reminders For 2014• Commercial Cost Sub Market Adjustment

– Based on Commercial Market Area and Use Code– Excludes statutorily assessed shopping centers– Excludes exempt government property (9300-9800’s)

– Offices > 10,000 sqft have a separate schedule– Hospitals (Puc 211x, 901x) -35%– Data Centers 1507 -30%

– Applied to the improvement value only

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Commercial Market Areas

Market Area Adjustment Commercial type

1 -30% Retail Excluding 1130’s (strip)1 -45% Remaining CM Cost2 -40% Retail Excluding 1130’s (strip)2 -45% Remaining CM Cost3 -30% Retail Excluding 1130’s (strip)3 -45% Remaining CM Cost

4 -30% Retail Excluding 1130’s (strip)

4 -45% Remaining CM Cost5 -40% Retail Excluding 1130’s (strip)5 -45% Remaining CM Cost6 -40% Retail Excluding 1130’s (strip)

6 -45% Remaining CM Cost

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Commercial Market Areas

Market Area Sub Mkt. Adjustment Commercial type

1 -30% Retail Excluding 1130’s (strip)1 -45% Remaining CM Cost2 -40% Retail Excluding 1130’s (strip)2 -45% Remaining CM Cost3 -30% Retail Excluding 1130’s (strip)3 -45% Remaining CM Cost

4 -30% Retail Excluding 1130’s (strip)

4 -45% Remaining CM Cost5 -40% Retail Excluding 1130’s (strip)5 -45% Remaining CM Cost6 -40% Retail Excluding 1130’s (strip)

6 -45% Remaining CM Cost

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Thank-you