Snohomish County home prices on the decline

Snohomish County home prices on the decline

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Story Published: Jun 6, 2008 at 5:27 PM PDT

Story Updated: Nov 20, 2008 at 9:17 PM PDT

By Bryan Johnson

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SNOHOMISH COUNTY, Wash. -- Many residential property owners across Washington state will be getting home value notices from their county assessor.

Home prices have been declining in the Puget Sound area and that fact is now underlined by notices from the Snohomish County assessor.

For the first time in recent memory, the notices show an average price decline of almost two percent. The valuation differences vary from area to sub-area. For example, in the Edmonds School district the average valuation is down 3 percent. In the Monroe school district the decline is 2.2 percent, and in Stanwood it is 2.4 percent.

The man who heads the residential section of the assessor's office, Steve Lightle, told KOMO 4 News view homes, businesses, apartment houses and condos did not follow the trend; these properties got increased assessed valuations.

All the valuations are based on recent sales and, Lightle said, the county believes it is assessing at about 90 percent of true and fair value.

The changes do not automatically translate into property tax decreases. Lightle says that will depend on voter-approved levies and the budgets of various school districts and municipalities.

The assessor's office will mail out commercial real estate valuations in ten days. But KOMO 4 News was told there is an average increase of 10 percent. Lightle says that could result in some shifting of the tax burden from homeowners to business. But, he said, it is far too early to know what the impact will be.

The Snohomish County Assessor's Office said it received 500 phones calls Thursday and Friday. Some came from people who were concerned about the decreases. Lightle explained those people were probably either trying to sell their homes or refinance using the old valuation.

Snohomish County home sales prices have actually dipped 6.9 percent on a year-to-year basis. But the assessor figures are based, as state law requires, on the value on January 1. Any decrease after January 1 will not be reflected until the 2009 valuation for tax collections in 2010.

Some Eastern Washington vacation areas, including Lake Chelan, are being revalued strongly upward. Waterfront property around Lake Chelan in Chelan County showed increases values of up to 400 and 500 percent. Officials there say that could result in sharp tax increases.

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