Tag Archives: property taxes

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?

One More Chance to Speak Out on SKSD Levy Amount

The South Kitsap School District Board of Directors will hold a public hearing prior to voting tonight on a levy measure that would raise $70 million in property tax revenue for South Kitsap schools over the next four years. The meeting is at 6 p.m. at the district office 1962 Hoover Ave. SE.

The levy measure, to run Feb. 3, would replace the district’s current levy that expires at the end of 2009.

The board last Wednesday agreed to vote on a total levy amount that would factor in an 8 percent rate of inflation for the first year of the levy and 6 percent in subsequent years. The amount collected in the form of property taxes over four years would total $70 million, up from $67.6 million in an earlier proposal.

Terri Patton, assistant superintendent for business and support services, told the board the estimate would help the district weather continued economic turbulence that has been driving up costs for personnel, services and supplies, especially fuel for buses. Board members agreed.

Taxpayers would be charged an estimated $2.27 per $1,000 of assessed property value for 2010 and 2011. The estimated rate would be $2.28 per $1,000 for the last two years of the levy. The $67.6 million proposal would have collected an estimated $2.20 per $1,000 over four years. The current levy amount is $1.98 per $1,000.

What would the increased rate mean to property owners? Here’s an example (they ought to put this one on the WASL). The owner of a home valued at $250,000 currently pays $495 per year to local schools, or $41.25 per month. Under the lower levy option once being considered, the $67.6 million proposal, the annual amount would increase to $550 per year, or $45.83 per month. Under the $70 million proposal, the same homeowner would pay $567.50 per year for the first two years of the levy, and $570 per year for the last two years, at $47.30 and $47.50 per month respectively.

If you have anything to say about the levy, be there or be square. For more information on the levy, visit the district’s Web site.