Property values have increased in Pierce County.
Home values in the county have increased by an average of $80,000 over the past year, according to Pierce County Assessor-Treasurer Mike Lonergan. Residential property values have increased by more than 19% this year, compared to 16% in 2021.
Lonergan said rising property values don’t mean homeowners should expect a big tax hike. State law limits the amount taxes can raise without a vote.
“It’s a mathematical equation, and as values go up, each tax district’s legal limits will lower their tax rates per thousand dollars of value,” Lonergan said.
Lonergan added that voters determine bond issues and levy lid lifts, which allows tax districts to increase the dollar amount collected to increase revenue for that district.
Tacoma has seen an 18.4% increase in home values - the typical Tacoma home is now $493,000, an increase of $77,000. The Gig Harbor Peninsula saw the biggest change in residential property values, which increased by an average of $170,000, or 24.5%. Edgewood saw the smallest increase at 12.9%, or $69,000. The average residential value is $604,000.
Commercial properties showed a slight increase in value as COVID-19 restrictions eased, although hotel property values remained unchanged. The value of retail, restaurants and office buildings increased by about 5%. Apartment buildings and warehouses recorded double-digit increases as demand for affordable housing and online ordering/distribution continues.
Homeowners who believe the appraiser-treasurer overvalued their property can appeal to the Pierce County Equalization Board at no cost by August 23. The appeal must include evidence that comparable properties have recently sold at a lower price.