Land Rich: Assessed Value of Undeveloped Properties Skyrockets

Some property owners may be in for a surprise when they get that little card
from the Kitsap County Assessor’s office this week.
Property change of value statements will be mailed Friday, and more than
91,000 Kitsap property owners will receive notices this weekend, said Kitsap
County Assessor Jim Avery. Commercial properties and properties with new
construction will receive change of value notices later this summer.
The latest reevaluation of properties shows that the county’s hot real
estate market is cooling off slightly, Avery said, but people who own
undeveloped land and property owners within newly designated urban growth
areas will find substantial increases in their assessed values.
“Those people are really going to be hammered, because quite honestly, their
property just became a whole lot more valuable,” Avery said.

See typical assessed values and property tax rates for the various areas of Kitsap County here.

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