Property tax assessments arrive for Thurston County landowners
Updated property assessments from the Thurston County Assessor’s Office landed in mailboxes this week, giving homeowners first-hand evidence of the area’s rising property values.
The median increase for residential properties countywide was 5.1 percent, while those with Puget Sound waterfront saw a median increase of 11.3 percent.
The county updates assessed values every year using recent sales of similar properties in similar neighborhoods as well as other data. In addition, every year county staff inspect the outside of one-sixth of all properties to see what condition a property is in and record any improvements that may increase the value.
While everyone got new assessments, inspectors did in-person visits this year in the greater Lacey area.
Significant increases in assessed values are typically the result of home improvements or additions, said Thurston County Assessor Steven J. Drew.
This week’s notices list the assessed value as of Jan. 1, which will be used to calculate the property’s 2020 tax bill. An increased value doesn’t necessarily mean higher taxes, but your assessed value does determine your share of taxes within a taxing district.
Governments set the total amount of taxes they will levy, then that amount is divided up amongst property owners on a rate-per-$1,000 of property value.