After years of big increases, average residential property values fell across Pierce County in 2007 – but not by much.

The county Assessor-Treasurer’s Office says the average value of residential property fell 1.3 percent last year.

That’s just an average, so individual assessments will vary. But when the assessor mails notices to the owners of 243,000 residential properties this week, 85 percent will see a decrease.

“It verifies that the market has changed,” said Assessor-Treasurer Ken Madsen.

County residents will begin receiving assessment notices next weekend. Tax bills in 2009 will be based on these values, but it’s too soon to say what the effect of the reduced values will be since tax rates won’t be determined until this fall.

Not everyone will get a property value notice this month. The owners of mobile homes, for example, will get their new assessments later this year. And if a property’s value didn’t change, the owner won’t get a notice at all.

According to the assessor’s office:

 • The biggest decrease in residential property value last year occurred in DuPont, which saw average values fall by 6.3 percent. Average values fell about 4.8 percent in Steilacoom.

 • Average property values fell 2 percent in Tacoma, 2.3 percent in Lakewood and 1.8 percent in Puyallup.

 • Average values increased in only three of the county’s 23 cities and towns: 1.7 percent in Edgewood, 1.4 percent in Buckley and 0.3 percent in Gig Harbor.

 • Countywide, the average residential property – that includes single-family homes, multifamily homes, condominiums and vacant land – was valued at $275,870 as of Jan. 1, 2008. Average values ranged from $151,901 in Wilkeson to $390,212 in Gig Harbor.

 • The average value of vacant land increased by less than half of 1 percent in 2007. That’s a dramatic drop from the 22 percent increase in value in 2006 and the 51 percent jump in 2005.

County property assessments are based on market value, and in 2007 the market began to slide.

Sales slowed, and median home prices here started falling in September. The county’s latest assessments reflect that trend.

Sally Barnes, appraisal manager for the assessor’s office, said she can’t remember average property values ever falling before. She’s been analyzing property values here since the early 1990s.

Of course, some properties – especially waterfront properties – continued to appreciate in value. And some properties will see above-average declines.

Madsen said his staff hasn’t studied why areas like DuPont and Steilacoom saw bigger average declines than other areas. “I don’t know is a good answer,” he said.

In addition to sales data, the assessor’s office relies on inspections to help determine the value of individual properties. Every residential property in the county is inspected at least once every six years.

Madsen’s office will use the latest assessments to calculate next year’s property tax bills. But lower property values won’t necessarily translate to lower tax bills next year.

Those taxes will depend on the budget decisions of local cities, schools and other taxing authorities. Voters also have a say: 44 percent of this year’s tax collections are the result of voter-approved levies and bonds for schools, emergency services, parks and other services.

But Madsen said he’s already getting calls from people who hear about the slumping real estate market and expect a big tax break.

He said that while home prices have fallen here, Pierce County hasn’t seen the double-digit declines that other parts of the country have experienced. And the new assessments are current as of Jan. 1 and don’t reflect price declines in 2008.

The message doesn’t always sink in.

One caller told the assessor, “Now that property has dropped 30 percent, I want to see that in my tax bill.”

Said Madsen: “He didn’t like my answer.”

David Wickert: 253-274-7341

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More data on our web site

See how average residential property values in Pierce County cities and school districts have changed over the last three years.

thenewstribune.com LOOK UP VALUES

Can’t wait to get your property assessment in the mail? You can view the details online after 4:30 p.m. Friday. 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/atr.

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 Assessor-Treasurer’s Office Web site, www.piercecountywa.org/atr. Average property values by city

This chart shows the growth of average assessed value of residential property in Pierce County, by city. The figures include houses, multiplexes of four units or fewer, condominiums and vacant land.

Cityaverage valueDifference

20072008dollarspercent

Auburn$301,021 $296,319 ($4,702)-1.6%

Bonney Lake$303,123 $297,171 ($5,952)-2.0%

Buckley$251,434 $254,916 $3,482 1.4%

Carbonado$180,748 $177,715 ($3,033) -1.7%

Dupont$277,874 $260,250 ($17,624) -6.3%

Eatonville$187,473 $186,421 ($1,052) -0.6%

Edgewood$340,590 $346,351 $5,761 1.7%

Fife$256,764 $249,705 ($7,059) -2.7%

Fircrest$291,607 $283,043 ($8,564) -2.9%

Gig Harbor$389,020 $390,212 $1,192 0.3%

Lakewood$282,805 $276,285 ($6,520) -2.3%

Milton$269,649 $269,284 ($365) -0.1%

Orting$213,810 $212,704 ($1,106) -0.5%

Pacific$253,050 $252,700 ($350) -0.1%

Puyallup$278,415 $273,374 ($5,041) -1.8%

Roy$192,582 $186,916 ($5,666) -2.9%

Ruston$287,758 $281,071 ($6,687) -2.3%

South Prairie$183,631 $183,363 ($268) -0.1%

Steilacoom$344,611 $328,240 ($16,371) -4.8%

Sumner$257,504 $256,848 ($656) -0.3%

Tacoma$244,291 $239,502 ($4,789) -2.0%

University Place$337,119 $329,151 ($7,968) -2.4%

Wilkeson$151,202 $150,901 ($301) -0.2%

Unincorporated$280,698 $277,421 ($3,277) -1.2%

Alderton-McMillin$285,000$278,894 -2.1%

Frederickson$234,688$226,324-3.6%

Gig Harbor Peninsula$434,225$438,3240.9%

Graham$251,577$244,107-3.0

Key Peninsula$216,273$220,5212.0%

Mid-county$269,666$267,416-0.8%

Parkland$198,015$194,318-1.9%

South Hill$278,183$269,790-3.0%

Spanaway$217,677$210,427-3.3%