Value Change Q&A

''Our office works for you, the taxpayer''

Question: Why did my property value change differ from the Pierce County Average?

Answer: Individual values may increase or decrease at a lower or higher percentage. Greater than average changes in value can result from the reappraisal of properties that have been under-assessed in previous years, or changes in the Neighborhood market

Question: Why does Pierce County's overall Percent change differ from what you hear in the media?

Answer: The news media typically reports current local and national overall average sale price changes. This price change information does not typically correspond with the annual Pierce County value change due to the time frame of the sales used for the revaluation and individual market area differences.

Question: I thought the 1% levy limit limited the increase of my property value to 1% each year?

Answer: The 1% levy limit applies to all regular levies in the State of Washington. It limits the amount a taxing district can collect from its taxpayers to 1% of the highest lawful levy since 1985.

A revenue collection limit does not apply to the amount of taxes or the amount of change in assessed value.

Question: Why does my property value change each year?

Answer: By law, the Assessor's Office is required to appraise property at 100% of its true and fair market value. This is what a willing buyer would pay a willing seller.

Pierce County is currently on a 6-year physical inspection cycle with an annual statistical update. This means we are required to statistically update the assessed values of property based on the real estate market.

Reference: RCW 84.40.030

Question: What will happen to my tax rate now that my value has changed?

Answer: Tax rates are affected by many items in addition to value such as budget changes in taxing districts, voter approved levies and/or voter approved levy lid lifts.

Because of the many variables that affect your tax rate, it is too difficult to predict how your property taxes will be affected in the following year.

Question: When I bought my home, the realtor told me my taxes would only be $2,500 per year. Now that my property value has increased by $40,000, what will happen to my taxes?

Answer: Taxes are based on the tax rate multiplied by the assessed value (per $1,000 of assessed value). We can only estimate what the additional tax will be for the increase in value based on the current tax rate. You can locate the current tax rate on the website under Taxes/Values.

Question: I have made no improvements to my home, why did my property value increase?

Answer: The law requires the Assessor's Office to value property at 100% of the true and fair market value. True and fair market value is defined as the price a willing buyer will pay a willing seller.

Assessed values are affected by the local real estate market and the real estate market is directly influenced by supply and demand. This affects the cost of materials, labor, and other incidentals required to build, market, and sell a home.

We are required to conduct an annual statistical update of assessed values based on real estate transactions. Although you have not made any improvements to your home, your value continues to follow the market activity in your neighborhood.

Question: Why has my property value been raised more than the cost of living?

Answer: Assessed values are affected by the local real estate market. The real estate market is directly influenced by supply and demand.

There is no limit on how much assessed property values can increase or decrease annually. The real estate market is only one component of the cost of living. Supply and demand has a substantial impact on values.

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2401 South 35th Street Room 142
Tacoma, WA 98409
Hours: 8:30 - 4:30
Customer Service Hotline (253) 798-6111