The 2023 Change of Value (COV) notices for tax year 2024 will be mailed June 1, 2023. They will be on postcards unless you have multiple parcels. Barring any last-minute problems, the last day to file an appeal if an owner disagrees with the new value will be July 3, 2023. The new values are based on sales of like properties prior to Jan. 1, 2023 (2022 and prior). Any sales occurring in 2023 are not used in the new values. The COV will have the old value and the new value listed. There is also a line for “Improvements,” which just refers to anything that is not land: houses, garages etc.; it does not mean the owner has done any actual improvements to the property. Lists of the sales the new values are based on are available online at co.pacific.wa.us under the Assessor heading or can be mailed by calling one of the numbers at the end of this article.

It is the intent of the assessor’s office to have accurate information on record for each property and to generate fair and equitable values.

100% of market value

Washington state requires assessed values to be at 100% of market value. Sale prices are compared to assessed values using a ratio of assessed value divided by sale price to determine the level of assessment. As an example, a ratio of 85% would indicate a market multiplier would be needed to increase the assessed value. Likewise, a ratio of 115% would indicate a negative market multiplier would be needed to reduce the assessed value. The assessed value vs. sale price ratio analysis determines how the assessed values are adjusted overall.

Pacific County, along with the entire state of Washington, is on an annual revaluation cycle. An annual revaluation cycle means all assessed values countywide are reviewed and potentially adjusted each year. Pacific County is divided into six geographical zones. Each zone contains multiple neighborhoods. On an annual revaluation cycle, one zone is physically inspected each year while the other five zones are updated statistically using sales ratio analysis. Each zone is divided into neighborhoods. A neighborhood is a market area and not necessarily a geographic area. There are multiple types of properties within a neighborhood. These might include single-family residences, undeveloped land, multi-family residences, commercial property, etc. An annual revaluation cycle results in the revaluation of all properties every year.

Surfside’s year

Zone 1 was the physical inspection area for this cycle. Zone 1 includes most properties north of Joe Johns Road, including the Surfside Estates area. There is a mix of high-end and lower-end properties. Development costs have increased significantly over the past few years. It can be difficult to capture that value because each parcel is so different. The assessor’s office staff gets actual cost information from contractors, property owners and utility districts. We use those cost figures to calibrate a general development cost for properties.

Many property owners don’t understand that taxes do not generally go up or down at the same rate as the assessed value. It is generally believed that property taxes are like sales taxes and any percentage increase in assessed value creates a like percentage increase in taxes. Taxing districts must approve the taxes to be collected for their district every fall and each districts tax levy can only increase by 1% plus any new construction over the previous year’s levy. A 10% increase in assessed value is not equal to a 10% increase in the next year’s taxes. Property owners often state “but I haven’t done anything to it” or “it’s only a manufactured home, it can’t go up in value.” During the 30-day appeal window, the assessor’s office tries to talk to owners who plan to appeal to help them understand how the process works. By having a conversation with the owner, any corrections can be made before the property goes through the appeal process. Talking to the property owner helps the assessor correct any errors and gives the property owner a better understanding of the assessment process. We realize that appeal process can be very time consuming, confusing and sometimes intimidating for the property owner. It’s beneficial to everyone if we can resolve any issues prior to going through the appeal process. Don’t hesitate to call with any questions.

County meets standards

Washington State Department of Revenue (DOR) performs a Real Property Ratio Study annually to determine the level of assessment for each county. The 2022 Real Property Ratio was 91.7. This is due to the continued increasing market. Ratios are considered to be “conforming” when they are between 90%-110% per International Association of Assessing Officers (IAAO) standards. The result in an increasing market is a lower overall DOR sales study ratio. DOR also performs a Valid Sales Study report every three years to compare the level of assessment on properties that have not sold to properties that have sold to determine if they are being similarly assessed. That study also includes analysis of how different types of property and different assessment levels relate to each other. The results of Valid Sales Study reports show Pacific County meets or exceeds all IAAO standards.

Please remember that you only have until July 3 to appeal your new values. Next February (five months from now) when you get your tax statements for 2024, will be too late to make any adjustments in the value.

Also remember if you are over 61 years old as of Dec. 31, 2021, or disabled and make less than $40,000 annually, your primary residence may qualify for a Senior Citizen exemption. Call our office for more information.

If you have any questions about your COV notice, the Senior Exemption program or any other property tax issue, or see a correction needed on our Taxsifter or Mapsifter websites, please contact us at 360-875-9301, 642-9301, 484-7301 or 267-8301. Our office hours are 9 a.m. to 4 p.m. Monday-Friday at the Courthouse in South Bend. Our office at the South County Annex at 7013 Sandridge Rd. in Long Beach is by appointment only until further notice. Thank you; Bruce Walker Pacific County Assessor.