No Surprise, Assessed Property Values Down Again

Most property owners in Kitsap County will see an eight to 12 percent reduction in their assessed values for taxes payable in 2010, Kitsap County Assessor Jim Avery announced Tuesday. In most cases, however, that won’t equate to a corresponding reduction in taxes, due to voter approved levy rate increases in all areas of the county.

The assessor’s office will mail out change-of-value notices on Wednesday to 105,215 Kitsap County residents. Updated information on assessed property values has been available on the county’s Web site since last week.

Avery, who has been predicting an average 10 percent reduction in assessed values for this year, said the eight to 12 percent is what he expected based on analysis of real estate trends.

Asked to predict assessed valuations for 2010, Avery said, “I have no idea. I like to think we’ve hit the bottom from a price point, but I understand there’s still some foreclosures that are going to hit the market. Certainly it’s those foreclosures in my mind that are causing the prices of the properties to go downward.”

Read more in a story to be posted later on kitsapsun.com.

Asked to comment on any silver lining in all this, Avery said – as we’ve heard from those in the real estate industry – this is a great time for first-time home buyers to jump into the pool, especially considering the $8,000 tax credit available to qualified buyers.

Is anybody out there making lemonade?

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