For Immediate Release - July 10, 2008

90,554 change of value notices will be mailed to Kitsap County property owners on July 11^th.   Most owners will see a 3-5% reduction to their assessed value this year.  An analysis of sales surrounding the January 1, 2008 assessment date concludes that the Kitsap real estate market has slowed down dramatically with sale prices backing off slightly from where they were a year ago.

Property owners in Bainbridge Island, Suquamish and Indianola will see more variation in the changes.  These properties received their required six-year physical inspection prior to the setting of this year’s value.  The new value represents any changes that were noted during that inspection.  Also as part of the six year inspection new acre, site and front foot land rates are established based on the sales of vacant land in these respective neighborhoods.

Taxpayers seeing the typical 3-5% reduction in assessed value should not expect a corresponding reduction in next year’s property tax bill.  Taxing districts will continue to be allowed to increase their regular levies by 1%.  Therefore typical properties in the 3-5% reduction range will not see their share of the property tax measurably change.  To date the only increase in 2009 above the 1% limit is the recently approved Poulsbo Fire District EMS lid lift and the previously approved 4-5% increases to the annual operations and maintenance levy in each of our school districts.