Real estate values ​​rise six percent – ​​The Suburban Times

Home prices in all parts of our county have risen again this year after falling three percent last year. Mike Lonergan, Pierce County Assessor and Treasurer, said, “Countywide, the value of the average residential property has increased 6.2 percent this year, from $521,300 to $553,500.”

Lonergan cautioned homeowners not to conclude that an increase in value will automatically lead to a property tax increase next year. Instead, those 2024 values ​​will be used to determine each property owner’s fair share of taxes to be collected in 2025. That’s because state law requires each taxing district to receive a one percent annual increase in its property tax revenue unless revenue is further increased by a majority vote of the people.

“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 countywide school levy that everyone pays,” Lonergan explained. “So a lot depends on public votes, like tax cap increases and bond issues.”

The most current assessed values ​​for residential and commercial properties throughout Pierce County are mailed to taxpayers and posted on the Assessor-Treasurer’s website: www.piercecountywa/atr.

The change in property value varies in different communities based on actual sales of similar properties. “The largest property value increases are about seven percent in Orting, Eatonville and Lakewood, Tacoma, Puyallup and Sumner,” Lonergan said. “The smallest increases were under one percent in Fircrest and three percent in Milton.” (See appendix for details.)

Commercial real estate saw a moderate three percent increase in overall value compared to the previous year. Retail was flat and office space generally lost value, while warehouses remained strong and mobile home parks increased significantly.

The total value of all real estate in Pierce County continued to rise by nearly six percent last year, with the price of all taxable properties (about 330,000) increasing from $185 billion to over $196 billion.

This year, county assessors visited nearly every home in Lakewood, University Place, Steilacoom and DuPont, while values ​​in other areas were based on current market sales of similar homes. Now, during the summer months, assessors inspect all new construction in Pierce County and enter their value into the tax rolls.

Any property owner who believes the Assessor-Treasurer has overvalued their property may file an appeal with the Pierce County Board of Equalization for free. The appeal must be filed no later than August 26, 2024, and must include proof that comparable properties have recently sold for a lower price. For more information, visit www.piercecountywa.gov/atr.

Homeowners over age 61, or fully employed at any age, may qualify for a reduced property tax if their gross household income is less than $64,000 per year. A fillable application form and instructions are available on the Pierce County Assessor-Treasurer’s website.