Property Tax Reassessment (Seattle, Vancouver: assessor, new home, best schools)

[RoyalRumpus]

My family (as well as many others on this forum) will soon re-locate to the Vancouver area. I am noticing the drop in home prices. That being said, I am seeing that the assessed values of homes remain higher than the listing price. The Clark County web page that I was looking at mentions reassessments every three years? Is this happening? I am sure that the County (as most here in the East) isn't going to be in a hurry to lose revenue.

[StealthRabbit]

Don't worry, the county won't lose any revenue. They just change the Levy to cover their needs. My assessment came today, down 19.2%. I expect my levy will raise 50% (as it has in the past), so the county can get 10% more revenue than they did last yr on the new 'adjusted' valuations. They claim to be capped at 1%, but... a notice by a commissioner yesterday said they would be raising the levies. The 1% is for total tax collected, and with businesses and commercial props down, the residential folks will be coughing up a lot. Trust me! (Buy a junker house on wheels). But...My dirt alone is still assessed at over $250k ($3,000 taxes / yr, house / improvement are extra). (I paid $22k, for it, but that doesn't count for anything, assessor just says "you didn't pay market price!, I'm still gonna hang you ! ") Done deal, I'm hung !

Do be advised... the NEW assessment (for 2010) is what home was worth (ha, ha) in Jan 09!!! much more room to fall .

You can fight commercial assessment using 3 methods of income producing formulas, Thus they will not take you to the cleaners (unless you let them). Home owners have no recourse. The statistics at the "Board Of Equalization" will show there is minimal chance for contesting the valuation on a private residence. BTDT... many times

[hml1976]

StealthRabbit is right. We're still paying what they think our house was worth in Jan 08 and they are talking about an "emergency" increase...its a joke honestly, we couldn't sell our house for the assessment, no way.

I love this area but property taxes are going to ruin it.

[StealthRabbit]

Just imagine how the economy would have improved if they would have allocated some TARP funds to the assessor's office to write a check for your valuation.

• Money would have immediately flowed directly into the economy,
• Folks who need to move could, (there are millions of seniors who are stuck in their homes while needing higher care),
• County would have plenty of places for the homeless, (my house)
• Home valuations would not have crashed.
• County valuations and income preserved

[hml1976]

I agree Stealth. Where we lived previously we had the best schools in the state, a more expensive house, more land, and HALF the property taxes. Oh and our taxes went down by a few dollars every year we lived there because they gave everyone a small discount as new homes were built and more money flowed in.

We did not have nearly as many bike lanes however.

[RoyalRumpus]

Levy? Is that a school tax? I have lived in three states the past 6 years. They all have different thef......I mean tax structures. Here in PA they have a mill rate for school taxes. The board can raise it 3% per year without a referendum. Please don't get me started on the taxes here. The rates are far cheaper there. Too bad they are not adjusting the assessments to the "here and now". Government spending is just too out of hand all across the country.
I like your idea about the TARP funds Rabbit. You are right, the money we saved would go right into the economy and our local governments would have what they need to support the infrustructure.

[cdelena]

The valuation on my property dropped 15.7% but I don't expect a big drop in taxes. The public service unions are getting their increases and we continue to fund questionable initiatives and services.

At least Clark County voters were smart enough to favor I-1033 (capping taxes) but unfortunately the votes in the Seattle area killed the initiative.

[Ultrarunner]

Originally Posted by hml1976

StealthRabbit is right. We're still paying what they think our house was worth in Jan 08 and they are talking about an "emergency" increase...its a joke honestly, we couldn't sell our house for the assessment, no way.

I love this area but property taxes are going to ruin it.

Spoke with the Assessor's office and they very politely let me know their valuation is accurate... so my taxes nearly double in since 2005 and now it went down 4% from last year

Beautiful State... maybe good for those with lots of income and no State Income tax... for the rest of us it looks like retirement will have to be elsewhere...