Chief
10-05-2007, 02:17 PM
http://www.theolympian.com/news/story/235479.html
Keri Brenner
The Olympian
The assessed value of the average home in Thurston County rose a record 18.9 percent this year over a year ago, according to assessments being mailed today to more than 113,500 property owners.
The record increase in value is a sign of the county's booming housing market last year, Assessor Patricia Costello said. In recent months, the market has slowed somewhat, but that won't be reflected until this time next year.
"We live in a very desirable area, and the market is reflecting that," Costello said. "Particularly with raw land and the waterfront, that type of property is not available much anymore, and demand is high."
The rising values — including a 41.15 spike in the value of raw land — are based on calculations done as of Jan. 1, Costello said.
The appeal deadline on assessments is Nov. 9.
The assessments will affect 2008 property-tax bills, but a higher assessed value will not necessarily result in a spike in a homeowner's property tax, Costello said.
The property-tax rates are set in late December and are based on the total assessment and the budget of each taxing district, she said.
Drop in 2007
In 2007, for example, when assessed values rose an average of 18 percent, one-third of taxpayers saw their property-tax bills go down. Half the taxpayers paid up to $50 more in property taxes than the previous year, she said.
Dennis Pulsipher, chief deputy assessor, said that new construction hit $1.1 billion for 2007. In the prior year, new construction was about $1 billion.
"This is the largest amount of new construction the county has ever seen," Pulsipher said. "It used to be much smaller, in the $200 million to $400 million range; now we're talking billions."
Costello said the reasons county home and land values have gone up are the strong economy here and relative affordability of housing.
Slumping sales
In recent months, home sales have slowed, and houses for sale are staying on the market longer. But Costello said the county is not seeing the huge drop in prices that other areas of the nation are.
"Unemployment is low, and wages are relatively high," she said, adding that other areas of the country do not have the same growth or economic patterns as South Sound.
Countywide, the total assessed value rose to $27.5 billion, an increase of 23.8 percent, or $5.3 billion, compared with the previous year. Of that, $1.1 billion was from new construction, and $4.2 billion was from revaluation.
Keri Brenner covers Thurston County and Tumwater for The Olympian. She can be reached at 360-754-5435 or kbrenner@theolympian.com.
**SCHNIPP**
Stand by....can Clark County's bills be far behind??
Stout Hearts....
Keri Brenner
The Olympian
The assessed value of the average home in Thurston County rose a record 18.9 percent this year over a year ago, according to assessments being mailed today to more than 113,500 property owners.
The record increase in value is a sign of the county's booming housing market last year, Assessor Patricia Costello said. In recent months, the market has slowed somewhat, but that won't be reflected until this time next year.
"We live in a very desirable area, and the market is reflecting that," Costello said. "Particularly with raw land and the waterfront, that type of property is not available much anymore, and demand is high."
The rising values — including a 41.15 spike in the value of raw land — are based on calculations done as of Jan. 1, Costello said.
The appeal deadline on assessments is Nov. 9.
The assessments will affect 2008 property-tax bills, but a higher assessed value will not necessarily result in a spike in a homeowner's property tax, Costello said.
The property-tax rates are set in late December and are based on the total assessment and the budget of each taxing district, she said.
Drop in 2007
In 2007, for example, when assessed values rose an average of 18 percent, one-third of taxpayers saw their property-tax bills go down. Half the taxpayers paid up to $50 more in property taxes than the previous year, she said.
Dennis Pulsipher, chief deputy assessor, said that new construction hit $1.1 billion for 2007. In the prior year, new construction was about $1 billion.
"This is the largest amount of new construction the county has ever seen," Pulsipher said. "It used to be much smaller, in the $200 million to $400 million range; now we're talking billions."
Costello said the reasons county home and land values have gone up are the strong economy here and relative affordability of housing.
Slumping sales
In recent months, home sales have slowed, and houses for sale are staying on the market longer. But Costello said the county is not seeing the huge drop in prices that other areas of the nation are.
"Unemployment is low, and wages are relatively high," she said, adding that other areas of the country do not have the same growth or economic patterns as South Sound.
Countywide, the total assessed value rose to $27.5 billion, an increase of 23.8 percent, or $5.3 billion, compared with the previous year. Of that, $1.1 billion was from new construction, and $4.2 billion was from revaluation.
Keri Brenner covers Thurston County and Tumwater for The Olympian. She can be reached at 360-754-5435 or kbrenner@theolympian.com.
**SCHNIPP**
Stand by....can Clark County's bills be far behind??
Stout Hearts....