Pierce County property values are down

  The average property value of homes in Pierce County has dropped, according to the latest assessed valuations of residential and commercial property by the county’s assessor-treasurer. For what is considered an average single-family home, the value for tax purposes went down 3 percent, dropping from $572,100 to $554,500. “Home values in all parts of our county have leveled off from the high-water mark of last year, and in most cases decreased slightly,” said Assessor-Treasurer Mike Lonergan,
Lonergan cautioned homeowners not to conclude that a decrease in value will result in much more than a minor tax decrease next year. That’s because state law allows each taxing district to increase their property tax revenue by 1 percent annually without a public vote. Instead, valuations determine each owner’s share of total property taxes collected countywide, he said.
Property taxes in 2024 will be the new 2023 value multiplied by the combined tax rates of cities and taxing districts such as schools, plus the statewide school levy that everyone pays,” Lonergan said. “So a lot depends on public votes such as levy lid lifts and bond issues.”
The new change in home value varies in different communities, based on actual sales of similar properties. Longergan said 70 percent are down and 30 percent stayed the same or rose slightly. The largest drops in value by community are about 5 percent in Tacoma, Ruston, Spanaway, Eatonville and Roy. The largest increase was in Milton, at 3 percent.
Most commercial property is reflecting moderate increases over last year, with retail and office space up about 5 percent, while motels and warehouses increased 10 percent.
This year county appraisers visited nearly every house in Tacoma, while values in other areas were based on sales of similar homes. During the summer months they are inspecting all new construction in Pierce County and adding its value to the tax rolls.
Individual appeals of valuations must be filed by Aug. 22, 2023. More information is available at piercecountywa.gov/atr.