Property taxes rise as values fall
Published on Thu, Feb 26, 2009 by Beckye RandallRead More Local News
Property owners throughout much of the county no doubt noticed that their 2009 tax assessments are on the rise even as real estate values fall. In a report issued by the Snohomish County assessor's office, figures indicate the average tax change ranged from an 11.1 percent increase in Monroe to a decrease of 6.3 percent in Bothell. Overall, the county's tax base grew 2.7 percent for 2009 assessment purposes.
The 2008 assessment, effective January 1, 2008, was determined using sales that occurred in 2007. That assessment was used to calculate property taxes due in 2009.
According to the assessor's document, Washington State has a budget-based property tax system instead of a rate-based system. That means that when property values decrease, the levy rates increase to keep taxes roughly the same.
Arlington property owners will realize an average tax decrease of approximately 1.5 percent. In 2008 the average property value in the city was $272,500, with a levy rate of 8.428 and taxes of $2296.63. 2009 property values average $262,500, a decrease of $10,000, but the levy rate increased to 8.615 for a tax assessment of $2261.44.
Homeowners in Marysville, where property values also declined, are seeing an average increase of 1.8 percent in 2009 property taxes. The average home value in 2008 was $276,700, the levy rate was 9.4956 and taxes averaged $2627.43. For 2009, property values average at $270,600, the levy rate jumps to 9.8869 and an average tax bill is $2675.40.
Similar results are found in unincorporated Snohomish County, with an average tax increase of just under one percent, even though property values dropped by about $8,000.
Exemptions and tax relief programs are available for eligible seniors and disabled persons, and for those with incomes of $35,000 or less. Contact the assessor's office at (425) 388-3433 for more information.
For more information about property tax levy calculations, visit the assessor's Web site at www.co.snohomish.wa.us/documents/Departments/Assessor/levyclass.pdf.
The 2008 assessment, effective January 1, 2008, was determined using sales that occurred in 2007. That assessment was used to calculate property taxes due in 2009.
According to the assessor's document, Washington State has a budget-based property tax system instead of a rate-based system. That means that when property values decrease, the levy rates increase to keep taxes roughly the same.
Arlington property owners will realize an average tax decrease of approximately 1.5 percent. In 2008 the average property value in the city was $272,500, with a levy rate of 8.428 and taxes of $2296.63. 2009 property values average $262,500, a decrease of $10,000, but the levy rate increased to 8.615 for a tax assessment of $2261.44.
Homeowners in Marysville, where property values also declined, are seeing an average increase of 1.8 percent in 2009 property taxes. The average home value in 2008 was $276,700, the levy rate was 9.4956 and taxes averaged $2627.43. For 2009, property values average at $270,600, the levy rate jumps to 9.8869 and an average tax bill is $2675.40.
Similar results are found in unincorporated Snohomish County, with an average tax increase of just under one percent, even though property values dropped by about $8,000.
Exemptions and tax relief programs are available for eligible seniors and disabled persons, and for those with incomes of $35,000 or less. Contact the assessor's office at (425) 388-3433 for more information.
For more information about property tax levy calculations, visit the assessor's Web site at www.co.snohomish.wa.us/documents/Departments/Assessor/levyclass.pdf.
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