PRESS RELEASE
June 1, 2005

ASSESSOR ANNOUNCES ASSESSED VALUES ESTABLISHED FOR 2006 PROPERTY TAXES

County assessed value is expected to increase by a record $4 billion this year. When Kitsap County property owners receive annual revaluation notices in a few days most will see large increases in the market value of their real estate. Increases of 18-25% will be the norm. In some highly desirable areas, increases exceeding 30% can be expected. Kitsap County’s previously low valued real estate has definitely attracted buyers from more affluent markets. Continued low interest rates and a scarcity of land on which to build new homes are also contributing to upward spiraling home prices.

Owners in disagreement with the newly reported assessed values are encouraged to contact the Assessor at 360 337-7160 during normal working hours. Appraisers will be standing by to verify property characteristics and discuss judgments used in the assessor’s valuation model.

Property owners should not jump to the conclusion that higher real estate values will result in higher property taxes. Unless voters choose otherwise, taxing districts are limited to a 1% increase in the total amount they can collect each year from all their district taxpayers. The very large increase in assessed values throughout the county this year will cause next year’s levy rates (dollars per thousand of assessed value) to fall precipitously. So far this year the only taxpayers who have chosen to increase their tax bill next year are those living in Bremerton, who passed a school capital facilities bond measure and those living within the boundaries of the North Kitsap Fire and Rescue District, who recently approved a lifting of the above mentioned 1% limit for their district’s regular levy.

Seniors, sixty-one and older and those disabled from gainful employment are reminded that the State Legislature raised the maximum annual family income threshold for the retired person’s property tax exemption from $30,000 to $35,000. For questions or applications please call 360 337-4904 or go to the Assessor’s webpage. 

To view an Excel worksheet showing approximate residential assessed value increases by area, click here.