If you were shocked in the past couple of years by double-digit increases in your home’s assessed value, good news may be in the mail.
• View revaluation results by city and school district
The Pierce County Assessor-Treasurer’s Office mailed new property valuations Friday to the owners of more than 248,000 residential properties. On average, the value of those properties rose 9.7 percent in 2006, according to the assessor.
That’s a big drop from recent increases. In 2005, the value of the average residential property rose more than 23 percent. In 2004, the average value rose nearly 20 percent.
It’s too soon to say what effect the latest assessments will have on next year’s property taxes. And the figures released by the assessor are just averages, so many folks will still see double-digit increases in their homes’ value.
But home values overall have been tamed by a flagging real estate market, according to Assessor-Treasurer Ken Madsen.
“The whole market has gone down,” Madsen said.
According to the assessor’s office:
• Fife saw the biggest average increase in residential property values in 2006: 14.3 percent. Average Buckley values roles 12.3 percent, and Eatonville values rose 11.3 percent.
• Average values rose just 3.5 percent in Auburn and 4.7 percent in Ruston. They rose 8 percent in Tacoma.
• Countywide, the average residential property – including single-family homes, multifamily homes, condominiums and vacant land – was valued at $277,646 as of Jan. 1, 2007.
• Average residential property values ranged from $148,147 in Wilkeson to $413,957 in Gig Harbor.
• As in previous years, the value of vacant land rose much faster than the value of developed property. Countywide, the average value of vacant residential property rose 22 percent. The average single-family home gained 9 percent in value, while average multifamily home values rose 7 percent and condos gained 5 percent.
County property assessments are based on market value. And in 2006 the local real estate market began to cool.
The number of homes on the market ballooned, and sales fell. And while prices continued to rise, they didn’t rise as fast as in the past.
The average assessments released by the assessor-treasurer reflect that reality.
Individual property assessments will vary widely. Madsen said some properties – especially waterfront and view homes – continue to appreciate rapidly.
And values in some parts of the county are rising more than others. In Fife, for example, the availability of land and a commuter-friendly location have led to a housing boom.
Madsen said the Pierce County market continues to be affected by King County workers moving south for affordable housing.
“I think people are really smart,” Madsen said. “They’ll go to a place they can afford, and they’ll buy there.”
The Assessor-Treasurer’s Office will use the property values mailed Friday to determine 2008 tax bills. But property values are just part of the equation, so a 10 percent increase in value doesn’t necessarily mean a 10 percent tax hike next year.
Those taxes will depend on the future budgets of local cities, schools, fire districts and other taxing authorities, plus any voter-approved tax measures.
Not everyone will get a property value notice this week. The assessor-treasurer wants more time to study the impact of last year’s floods, so it won’t mail notices for properties in flood zones until the fall.
Others who will learn about property values later include the owners of farmland and mobile homes.
In addition to sales data, the Assessor-Treasurer’s Office relies on inspections and on the value of new construction materials to help determine the value of individual properties. Every residential property in the county is visited by an inspector at least once every six years.
Average property values by city
This chart shows the growth in average assessed value of residential property, sorted by city. The figures include houses, multiplexes of four units or fewer, condominiums and vacant land.
City2006 2007ChangeChange
average averagein dollarspercent
valuevalue
Auburn$304,630 $315,345 $10,715 3.5%
Bonney Lake$277,299 $303,615 $26,317 9.5%
Buckley$223,918 $251,492 $27,574 12.3%
Carbonado$164,838 $180,875 $16,038 9.7%
DuPont$256,324 $274,723 $18,399 7.2%
Eatonville$167,223 $186,139 $18,916 11.3%
Edgewood$309,053 $338,109 $29,056 9.4%
Fife$218,722 $250,048 $31,326 14.3%
Fircrest$274,530 $291,765 $17,235 6.3%
Gig Harbor$375,651 $413,957 $38,306 10.2%
Lakewood$249,487 $276,683 $27,196 10.9%
Milton$245,186 $262,173 $16,987 6.9%
Orting$197,712 $218,484 $20,771 10.5%
Pacific$204,444 $220,073 $15,628 7.6%
Puyallup$256,914 $277,024 $20,110 7.8%
Roy$173,026 $188,787 $15,761 9.1%
Ruston$271,095 $283,967 $12,873 4.7%
South Prairie$166,467 $183,706 $17,239 10.4%
Steilacoom$303,820 $328,030 $24,210 8.0%
Sumner$242,065 $256,918 $14,853 6.1%
Tacoma$223,048 $240,810 $17,763 8.0%
University Place$307,523 $330,482 $22,959 7.5%
Wilkeson$134,971 $148,147 $13,177 9.8%
Unincorporated$254,333 $280,252 $25,919 10.2% Click on this story on our Web site and find a map with even more details for each city and town in Pierce County. You can compare the changes in assessed values of single-family homes, multiplexes, condominiums and vacant land.
The same data also are sorted by school district, which provides a better look at unincorporated areas in East Pierce County.
thenewstribune.com
How to appeal
Pierce County property owners who believe the county erred in assessing their property’s value can appeal to the Board of Equalization. An appeal must be filed within 60 days of when the value change notice was mailed.
Petitions are available by calling the board at 253-798-7415 or at the county’s Web site, www.piercecountywa.org. Click on the Assessor-Treasurer’s Office link for more information.
Look up values
To search for the assessed values of properties by parcel number or address, visit the Pierce County Assessor-Treasurer’s Office online at www.piercecountywa.org.
David Wickert: 253-274-7341
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