Abstract: A water valve adjustable stem assembly includes a valve housing with an inlet and outlet therein and a valve positioned within the housing. The valve has an inlet and outlet communicating with the housing inlet and outlet and there is a movable valve member to open and close the valve. A valve housing extension is adjustably connected to the valve housing and connects to an escutcheon. A stem extension is attached to the movable valve member and extends within the housing and housing extension and adjustably supports a stem connected thereto. An operating handle is connected to the stem and spaced closely adjacent to the escutcheon. The valve housing is mounted to an underlying support and the adjustment between the valve housing extension and valve housing and the adjustment between the stem extension and stem provides for variably positioning the handle and escutcheon relative to the valve housing mounting.