Pierce County property values went up 6% this year. Here’s what that means for taxes
Pierce County home property values are up 6% in 2024 after a dip of 3% in value last year, according to the Pierce County Assessor-Treasurer’s Office.
Countywide the average residential property increased in value 6.2%, going from $521,300 to $553,000, Assessor-Treasurer Mike Lonergan said in a June 26 news release.
Homeowners shouldn’t conclude an increase in value will automatically result in a property-tax increase next year, Lonergan said. State law limits annual property tax increases to 1% in each taxing district unless voters approve an increase.
“Your property tax in 2025 will be the new 2024 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,” Lonergan explained. “So, a lot depends on public votes such as levy lid lifts and bond issues.”
Latest assessed values for residential and commercial properties are currently in the mail and posted on the Assessor-Treasurer’s website.
The largest home value increases around 7% were identified in Tacoma, Lakewood, Orting, Puyallup, Sumner and Eatonville, Lonergan said. The smallest increases were in Fircrest (under 1%) and Milton (3%).
Commercial properties showed a combined value increase of 3% over last year. Retail was fairly flat, and office space generally lost value, while warehouses stayed strong and mobile home parks increased substantially, according to the release.
Any property owner who believes the Assessor-Treasurer has overvalued their property may appeal to the Pierce County Board of Equalization at no cost. The appeal must be filed no later than Aug. 26, 2024, providing evidence that comparable properties have sold recently at a lower amount. More information is available at www.piercecountywa.gov/atr.
Homeowners over age 61, or fully disabled at any age, may qualify for reduced property taxes if their gross household income is below $64,000 per year. An application form and instructions are on the Pierce County Assessor-Treasurer’s website.
This story was originally published June 27, 2024 at 5:00 AM.
