The latest assessed values for residential and commercial properties in Pierce County have been released, revealing a slight decline in home values. According to Mike Lonergan, Pierce County Assessor-Treasurer, home values throughout the county have leveled off from last year’s peak and, in most cases, experienced a modest decrease.
The average assessed value of a single-family home countywide dropped by 3.1 percent this year, falling from $572,100 to $554,500. While this decrease may lead homeowners to anticipate a significant reduction in their property taxes next year, Lonergan cautioned that the impact on taxes will likely be minor. State law permits each taxing district to increase property tax revenue by up to one percent annually without voter approval. Property values are utilized to determine each property owner’s fair share of the overall tax collection.
“Your property tax in 2024 will be calculated based on the new 2023 value multiplied by the combined tax rates of your school district, city, fire district, and other local districts, along with the statewide school levy that applies to everyone,” said Lonergan. “Therefore, the outcome depends on public votes, such as levy lid lifts and bond issues.”
The change in home values varies across different communities, primarily influenced by the actual sales prices of similar properties. Approximately 70 percent of properties experienced a decline in value, while 30 percent remained stable or slightly increased. Lonergan noted that the largest drops in value, around five percent, were observed in Tacoma, Ruston, Spanaway, Eatonville, and Roy. Conversely, Milton saw the largest increase in value at three percent.
Most commercial properties demonstrated moderate value increases compared to the previous year. Retail and office spaces saw an increase of approximately five percent, while motels and warehouses experienced a ten percent rise in value. These value changes reflect the period from January 2022 to January 2023 and will be utilized to calculate property taxes for the year 2024.
To ensure accurate assessments, County appraisers visited nearly every house in Tacoma this year, while values in other areas were determined based on sales of comparable properties. During the summer months, appraisers are inspecting all new construction in Pierce County and adding their values to the tax rolls.
Property owners who believe their property has been overvalued by the Assessor-Treasurer have the option to appeal to the Pierce County Board of Equalization at no cost. The appeal must be filed by August 22, 2023, and should be accompanied by evidence that comparable properties have recently sold at lower prices. Additional information regarding the appeal process can be found at www.PierceCountyWa.gov/atr.
