real estate assessment up 26%

[Rideback]

Looks like Washington ranks 30th, with this graph working lowest to highest. The lowest rate is Hawaii which of course relies heavily on its sales tax to fill the coffers.
https://www.rocketmortgage.com/learn/pr ... s-by-state

[mister_coffee]

Based on what I've read, it sounds like everybody's assessment went up in the county. Though some more than others.

Keep in mind that no matter what the assessment is, the county can't increase the total amount of money it collects from property tax by more than 1 percent in any given year (it is more complicated than that, but for practical purposes that is about right).

I really very much doubt that very many folks' property tax hit is going to go up by 25 percent or more. Some folks might get an eye-watering ten percent jack, but most of us will probably be looking at a much smaller increase than that.

FWIW, one of my properties (the singed one I live in) had an 8% increase, while the other had a 30% increase. I'd also have a hard time arguing either is overvalued because what I think are comparable properties have sold for quite a bit more in the past year.

[pasayten]

I will gladly pay my property taxes in lieu of a state income tax... The state legislature would have a heyday and abuse an income tax whenever they needed more $ for whatever needless social program they had in mind... They have not shown a history of being fiscally conservative... Just look at how they tweak the sales tax..

BTW, Zillow still lists my house significantly above the new assessment value.

[mister_coffee]

2019 numbers from this Rocket Mortgage article put Washington in the middle of the road (about 20th) for property taxes.

https://www.rocketmortgage.com/learn/pr ... s-by-state

Yes, prices have gone up a lot since then, but they have in a lot of other places too. I find it hard to believe absent hard numbers that our property taxes are as high as New Jersey or Illinois.

Also, before you freak out, keep in mind that:

An increase in value does not necessarily mean that next year's property taxes will increase at a proportionate rate. Property tax rates are expressed in dollars per thousand dollars of assessed property value.

Assessors set the levy rate based on the taxing district’s budget request, the total assessed value of the taxing district, and any applicable levy limitations.

From https://dor.wa.gov/sites/default/files/ ... omeOwn.pdf

[Rideback]

For a valley and even a County that relies on tourism, it would be worthwhile to look at the sales tax rate to see what it could garner from visitors.

[PAL]

The other BB has a thread going on this too. Get a clue, property owners. We are being taken advantage of. We shoulder the burden for those that don't own property. A solution, which everybody cries foul on is a state income tax. I will say progressive, repeat progressive state income tax where those who have alot of wealth pay more. Those below a certain income don't pay or pay as much.
Now we know, however, and the great concern is, that once we have a state income tax, property taxes won't go down. But the legislature could help us out here and say that property taxes would be greatly reduced in a year.
What is fair, huh? What can be done. Can we talk to our Republican, mostly, county commissioners to help us out on this one. Talk to the county assessor? The taxes are based on comparable sales which are over inflated because, why...out and out greed. But then again, this is...capitalism, the great.
California has or had Prop 13. I won't go into explaining it here, just google it and see what they came up with. Someone said the revenues are not enough, however.
But the property taxes here in Wa. state are almost the highest in the nation. I saw somewhere the average is about $3500. Some people will have to sell their homes possibly, especially those on fixed incomes. Are they going to go up and up every year? We will have to start voting against levies, which I kind of don't want to do, but more and more will.
So on the backs of the property owners it is. Some people have an adage to never own property. But that's a risk too, to rent. The landlords taxes go up and so do the rents. Humans, I swear, make everything so complicated. Some predict the housing bubble will burst oh and it will, someday.
I know our property taxes pay for services that are needed. But others should be contributing as well.

[Rideback]

So I got the postcard with my new property assessment and if that wasn't bad enough then I got the voter's pamphlet that has on page 54 the levy they're asking to get passed that will add 50 cents for every $1,000 of assessed valuation. On top of valley price gouging these are going to be some pretty serious costs.

From what I can tell this levy in Winthrop will replace the one that expires the end of '23. I wish the pamphlet would say what the levy assessment is for the current one, that would be nice for comparison.