Real estate prices across Pierce County rise 6%

According to a new county assessment, property values ​​in Pierce County are expected to increase 6% in 2024.

This increase in value comes after a decline of 3% in 2023.

“The value of an average home across the county has increased 6.2% this year, from $521,300 to $553,500,” said Mike Lonergan, Pierce County Assessor and Treasurer.

According to Lonergan, the increase does not mean there will be a property tax increase in 2025. Rather, the 2024 values ​​will be used to determine each property owner’s fair share of the taxes to be collected.

State law prohibits counties from raising property taxes by more than 1% annually. Any increase above 1% requires the approval of a majority of voters.

“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.”

Property values ​​are based on sales of similar homes in each community.

“The largest home value increases are around 7% in Orting, Eatonville, Lakewood, Tacoma, Puyallup and Sumner,” Lonergan said. “The smallest increases were less than 1% in Fircrest and 3% in Milton.”

Commercial real estate values ​​rose by about 3%, retail stagnated and office space lost value compared to 2023.

Homeowners have until August 26 to appeal the new value of their home to the Pierce County Board of Equalization.

Official letters containing the property value information have been mailed and are also posted on the Assessor-Treasurer’s website.