Real Estate Taes- A "REAL" Burden (Bellingham, Index: real estate market, home)

[timetogo]

Here is an section of an article in todays Bellinghamherald.com:

For instance, Marilyn Williams saw the assessed value of her three-bedroom home on Lake Whatcom Boulevard jump by more than $117,000 last year. Though the overall tax rate dropped for her neighborhood, the increased assessed value of her home caused her property taxes to jump by about $1,100.

If property values continue to shoot higher, over time Williams will see her taxes drop. However, her concern is if the market cools, allowing some to enjoy lower assessments and taxes when their turn comes up.

“As long as the real estate markets keep heading for the moon, it’s OK,” said Williams, 58. Otherwise, “some will get lucky and some won’t. That’s not fair.”

A yearly assessment cycle could help ease the burden on Williams and other property owners in the county. However, starting such a system now could drive values up again for those who already have had their property reassessed in the four-year cycle.

[frogamigo]

I read this in the Herald a few weeks ago, I think. I believe it has to do with the frequency with which the county does property value assessments, and the resulting unfair distribution of taxes that result from only a yearly assessment in a hot market like Bellingham. Not really to do with tax *rates* per se, I didn't think.

- Chris

[RodFarlee]

Whatcom county (Bellingham) reassesses real estate every 4 years. Obviously, valuations can jump a lot in four years.

Of Washington's 39 counties, 18 reassess annually, 1 biennially, 1 triennially and 19 reassess every four years.
http://dor.wa.gov/content/statistics..._Assessor.aspx

[timetogo]

Originally Posted by RodFarlee

Whatcom county (Bellingham) reassesses real estate every 4 years. Obviously, valuations can jump a lot in four years.

Of Washington's 39 counties, 18 reassess annually, 1 biennially, 1 triennially and 19 reassess every four years.
http://dor.wa.gov/content/statistics..._Assessor.aspx

Can you tell me which counties reassess property values annualy?

Four year re-assesments are very unfair. All other aspects of Washington real estate property taxes are fair and sensible.

Thanks.

[timetogo]

Originally Posted by frogamigo

I read this in the Herald a few weeks ago, I think. I believe it has to do with the frequency with which the county does property value assessments, and the resulting unfair distribution of taxes that result from only a yearly assessment in a hot market like Bellingham. Not really to do with tax *rates* per se, I didn't think.

- Chris

Hi,

Tax levy rates are not much changed unless voters approve alot of new spending. Shame on the voters.

The real fairness issue is why should real estate taxes increase by 50% or more when county/city budgets are limited to budget increases of not more than the Consumer Price Index. A four year cycle for real estate bills with a worse case 4% budget price inflation results in about a 20% increase in property taxes over four years on a worst case basis ( in fact over the last four year inflation was about 12%). Where is the other 30%, or 38%?

The answer is in an obscure math formula for real estate taxes that can only be solved by annual changes in property values.

Fair is fair. Fair can only be had with annual changes in real estate values.

[frogamigo]

Whoops! I meant the other thing... yeah, that Whatcom Co. was not doing yearly assessments.

I think the entire housing situation in the area is just bonkers. That's my scientific explanation.

- Chris