Real estate prices in Pierce County have increased by 6% this year. What this means for taxes

According to the Pierce County Assessor-Treasurer’s Office, home prices in Pierce County are expected to increase 6% in 2024 after falling 3% last year.

The value of an average home increased 6.2% countywide, from $521,300 to $553,000, Assessor-Treasurer Mike Lonergan said in a June 26 news release.

Homeowners should not assume that an increase in value will automatically lead to a property tax increase next year, Lonergan said. State law caps the annual property tax increase in any taxing district at 1% 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 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 residential and commercial property appraisals are currently mailed and posted on the Assessor-Treasurer’s website.

The largest increases of about 7% were seen in Tacoma, Lakewood, Orting, Puyallup, Sumner and Eatonville, Lonergan said. The smallest increases were in Fircrest (less than 1%) and Milton (3%).

Commercial real estate saw an overall increase in value of 3% compared to a year ago. Retail was flat and office space generally lost value, while warehouses remained strong and mobile home parks increased significantly, the release said.

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 reduced property taxes if their gross household income is less than $64,000 per year. An application form and instructions are available on the Pierce County Assessor-Treasurer’s website.