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Pierce County Property Assessment in 2024. What’s the Tax Impact?

Pierce County Property Assessment in 2024. What’s the Tax Impact?

Pierce County home property values ​​are up 6 percent in 2024, after a 3 percent decline in value last year, according to the Pierce County Assessor-Treasurer’s Office.

Countywide, the median residential property value increased 6.2 percent, from $521,300 to $553,000, Assessor-Treasurer Mike Lonergan said in a news release Wednesday.

Homeowners shouldn’t conclude that an increase in value will automatically lead to a property tax increase next year, Lonergan said. State law limits annual property tax increases to 1 percent in each taxing district unless voters approve an increase.

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“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 statewide school tax everyone pays,” Lonergan explained. “So a lot depends on public votes, like lifting the tax cap and bond issues.”

The latest assessed values ​​for residential and commercial properties are currently in the mail and posted on the Assessor-Treasurer’s website.

The largest home value increases of about 7 percent were identified in Tacoma, Lakewood, Orting, Puyallup, Sumner and Eatonville, Lonergan said. The smallest increases were in Fircrest (under 1%) and Milton (3%).

Commercial properties saw a combined 3% increase in value over last year. Retail trade was fairly flat and office space generally lost value, while warehouses remained strong and mobile home parks grew substantially, according to the release.

Any property owner who believes the Assessor-Treasurer has overvalued their property may appeal to the Pierce County Board of Equalization at no cost. The appeal must be filed no later than August 26, 2024, providing evidence that comparable properties have recently sold for less. More information is available at www.piercecountywa.gov/atr.

Homeowners over 61 or totally disabled at any age can qualify for reduced property taxes if their gross household income is under $64,000 per year. An application form and instructions are on the Pierce County Assessor-Treasurer’s website.

This story was originally published June 27, 2024, 5:00 a.m.

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Becca Most is a reporter covering the Pierce County Council and other issues affecting Tacoma residents. Originally from the Midwest, Becca has previously written about cities and social issues in Central Minnesota, Minneapolis and St. Paul. Her work has been recognized by Gannett and the USA Today Network, as well as the Minnesota Newspaper Association, where she won first place in arts, government/public affairs and investigative reporting in 2023.
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