PHOENIX — Believe it or not, Phoenix technically has a price tag, and according to a new report by the city’s economic development department, the price is going up.
Every year the department gives an estimate of the full cash value of all commercial and residential property in the city. That number for the fiscal year 2023 is $232 billion.
The valuation is north of the total wealth of Elon Musk.
A growing full cash value is just one measure Phoenix uses in its recently released economic indicators report.
For a long time, the economy of Phoenix has been driven by housing, but the landscape is rapidly changing. Permits for new multi-family housing construction are up 63% compared to last year.
New permits for single-family residences are down almost 40%.
The value of these permits assessed by the department is on the rise.
The department assessed the value at $4.8 billion, a 6% increase year to date from last year. Property taxes for existing structures was assessed at $15.5 billion, a 4.7% increase.
The report also highlights the growth in sales tax revenues to the city. Sales tax collections up to December totaled $678 million, a 10% rise from last year.
By the close of this fiscal year in June, the city should collect over $1.3 billion.
Phoenix is growing as a tourism and business hub as well. Tax revenues from hotels and motels are up 28% and collections from restaurants and bars are up 16%.
The data only goes to December so the numbers do not reflect the expected bump in revenue that came with the Valley hosting the Super Bowl.
The city council has not raised any taxes since the last fiscal year so the growth in revenue is due to just that; growth.
