Images of Kitsap County
Public Communications (MS-11)
614 Division Street, Port Orchard, WA
Phone: 360.337.4598
 
FOR IMMEDIATE RELEASE

Date: July 3, 2007
Contact: Kitsap County Assessor Jim Avery
Phone: (360) 337-7085
No. 07-50

Kitsap County’s hot real estate market is cooling – a little bit – with property revaluation notices mailed this week

PORT ORCHARD, WA—The latest annual revaluation of Kitsap County properties shows that our area’s hot real estate market is cooling off slightly. “While most property owners have seen their assessed value increase by greater than 20% in each of the last two years, this year’s increase will typically be in the 8 – 11% range,” Kitsap County Assessor Jim Avery said. Avery says that over 5000 real estate sales from 2006 were used in the analysis, which can be viewed by neighborhood at www.kitsapgov.com/assr.

Over 91,000 Kitsap County property owners will be mailed a change of value notice this weekend, which may also be individually viewed on the Kitsap County website at www.kitsapgov.com. At the bottom of the main page under “Quick Links,” click “parcel search,” enter an address or account number, go to assessor data, then value history.

“Property owners will see a much larger increase in their land values as opposed to their building or improvement values this year,” Avery said. Avery says the larger than normal increase to land value is caused by two main factors: a huge countywide run-up in the cost of vacant land over the past 2-3 years, making it hard to find a building site for under $100,000; and the expansion of county urban growth areas when the updated county comprehensive plan was approved last December, rezoning 7227 acres allowing for higher density development including commercial use.

Since all taxing districts are limited to a 1% annual increase to their levies, taxpayers with value increases in the typical 8-11% range can expect to see little change in their 2008 tax bill unless they live in the Poulsbo Fire district, where voters in that district approved a 46% increase earlier this year.

As usual, extra staff will be on hand in the assessor’s office following the mailing to answer questions. Property owners are encouraged to call the assessor customer service line at 360 337-7160, especially if they feel that the reported total value exceeds what the property would sell for.

Commercial properties and properties with new construction will receive change of value notices later this summer. An Excel worksheet showing typical increases by city and neighborhood can be downloaded here.
 


To contact the Kitsap County Public Information Officer, 
call Clarence Moriwaki at 360-337-4481 or email: cmoriwak@co.kitsap.wa.us

Last Updated:  May 27, 2014