Pierce County property values down this year. Here’s what that means for your taxes
Property values in Pierce County are down slightly this year compared to the “high-water mark of last year,” said Mike Lonergan, Pierce County Assessor-Treasurer in a news release Friday. Homeowners and commercial property owners can expect to receive their latest assessed values in the mail soon.
County-wide the average single-family home decreased in value by 3%, dropping from $572,100 to $554,500, according to the news release.
The change in value varies depending on the location and actual sales of similar properties, the release said.
The largest drops in value, around 5%, were in Tacoma, Ruston, Spanaway, Eatonville and Roy, Lonergan said. Milton saw the largest value increase of 3%.
“Most commercial properties showed moderate value increases over last year, with retail and office space up around 5%, while motels and warehouses increased 10%. All value changes represent the period from January 2022 to January 2023 and will be used to calculate 2024 taxes,” according to the release.
Lonergan said homeowners shouldn’t conclude that a decrease in their property value will result in much more than a minor tax decrease next year.
“Your property tax in 2024 will be the new 2023 value multiplied by the combined tax rates of your school district, city, fire district and other local districts, plus the statewide school levy that everyone pays,” he said. “So a lot depends on public votes such as levy lid lifts and bond issues.”
If you believe the Assessor-Treasurer has over-valued your property, you can appeal to the Pierce County Board of Equalization for free. The appeal must be filed no later than Aug. 22, 2023, providing evidence that comparable properties have sold recently at a lower amount.
Find more information at www.PierceCountyWa.gov/atr.
