Group reports drop in Arizona property valuations

PHOENIX (AP) — A statewide business-backed advocacy group reports that the recession's impact on real estate is showing up again as a major decrease in assessed valuations for property taxes.

The Arizona Tax Research Association reports an 18 percent drop in secondary net assessed values this year, adding up to a 28 percent drop when last year's decrease is factored in.

The group says the decrease in valuations mean taxpayers can expect another round of tax rate increases to fund government operations as well as voter-approved bonds and spending overrides.