Homeowners in Pierce County may notice a shift in their property value as recent reports indicate an upswing in the residential market. Increasing by an average of 6.2 percent this year, home values rose from an average of $521,300 to $553,500, as reported by Pierce County Assessor-Treasurer Mike Lonergan. Despite the recovery from last year's dip, Lonergan advised homeowners that higher property values do not necessarily equate to increased property taxes for the coming year. The taxes of 2025 will be calculated on these new valuations.
Detailing the specifics of how property taxes are derived, Lonergan stated, "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 levy that everyone pays." Keeping in mind that state law restricts taxing districts to a one percent annual revenue increase from property taxes unless overridden by a public vote, a homeowner's obligation may hinge on these factors. Particularly in highlight by touting the relationship between property valuation and tax rates, Lonergan's comments elucidated the potentially varying impact on homeowners depending on local decisions and levy outcomes.
As per the official announcement, assessments for this year have already been mailed to taxpayers and are available on the Assessor-Treasurer’s website. It's important to note the diversity in valuation changes across different locations, with the most significant increases in residential value—around seven percent—observed in areas such as Orting, Eatonville, Lakewood, Tacoma, Puyallup, and Sumner. In contrast, communities like Fircrest and Milton saw the least growth, with less than one percent and three percent upticks respectively.
Commercial properties, however, painted a more mixed picture, showing a median rise of three percent from the previous year. Retail spaces were relatively stagnant, reflecting the challenging environment for brick-and-mortar stores, whereas office spaces generally lost value. Meanwhile, as reported, warehouses have held steady, and mobile home parks have seen substantial increases. The total value of all taxable property in the county now exceeds $196 billion, signaling a continued expansion of the county's fiscal base. As the summer progresses, county appraisers are turning their attention to inspect all new construction, augmenting the tax rolls further still.
For property owners questioning the accuracy of their assessed values, the county provides an avenue for appeal. The Pierce County Board of Equalization offers a no-cost process to challenge an overvaluation, but submissions must be made by August 26, accompanied by evidence of lower recent sales of comparable properties. Additionally, in an effort to alleviate the tax burden on seniors and the fully disabled, the county has a provision in place for reduced property taxes for those with a gross household income below $64,000. Applications and guidelines are accessible through the Assessor-Treasurer's website.
