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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.
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