The county sent out 122,000 notices Friday, showing a 7.7 percent drop in median residential values to $202,700 as of January, according to Northwest Multiple Listing Service. It marks the third consecutive year residential property values declined, including a 7.2 percent decline last year. Commercial properties decreased for the second year in a row, down 6.2 percent.
Median home prices dipped to $219,900 as of January, down $13,540.
Assessor Steven Drew said that a down economy and uncertainty at the state level have hit Thurston County especially hard. Drew said that job uncertainty at the state level make it less likely those workers are in the market to buy a bigger house to accommodate their families, and in some cases may be selling houses and becoming renters.
“We’re seeing a continuing downturn,” he said, “and our housing market and values are declining at a greater rate and will continue to do so because of that unique local effect.”
Drew said that until financing – particularly on higher-end homes – is more available, those properties will not sell and new construction will suffer. New construction accounted for about $301 million of the valuations, down $35 million from last year.
As property owners receive their notices, they’ll see a few changes in the information and the petition process. Taxpayers now can see all property characteristics used to establish and evaluate value, including comparable properties online, Drew said.
Aside from being sent out two weeks earlier, the valuation cards now show three years of values. Property owners also will have twice as long to file an appeal with the Board of Equalization. Drew said 60 days will give taxpayers more time to work out issues with the Assessor’s Office before going to the board. However, the board clerk and its chair have scrutinized the extended filing time, stating it will shift focus away from the appeal backlogs, which go back to 2009.
Property revaluations are considered what the fair market value would be Jan. 1 of each year. Values are influenced by many factors, including location, size, quality, condition and age. General economic conditions, such as interest rates and construction costs, also affect value. This valuation cycle, the county physically inspected more than 1,500 commercial and 16,000 residential properties in the Tumwater and Black Lake areas.
Values for this year affect 2012 taxes, but an increase or decrease in property taxes comes down to not only the assessed value of property (which determines the share of taxes) but also the total assessed value of all property in the taxing district and the budget of the district. The Treasurer’s Office will mail 2012 tax statements in February.
Nate Hulings: 360-754-5476
nhulings@theolympian.com
www.theolympian.com/outsideoly
