Assessor News: Change of value notices being mailed May 31
Published 1:10 pm Wednesday, May 22, 2024
The 2024 Change of Value (COV) notices for tax year 2025 will be mailed May 31, 2024. Barring any last-minute problems, the last day to file an appeal if an owner disagrees with the new value will be July 1, 2024. The new values are based on sales of similar types of properties prior to Jan. 1, 2024 (2023 and prior). Any recent sales occurring in 2024 are not used in the new values. The COV will have the old value and the new value listed. The line for “Improvements” refers to anything that is not land: houses, garages, etc. It does not mean the owner has done any actual improvements to the property. The market in many areas of the county is relatively flat. If there was no change to the assessed value, no COV will be mailed, but an owner still has until July 1 to appeal.
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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.
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.
The area revalued this year is between Pacific Highway and Sandridge Road from Joe Johns Road to Cranberry Road.
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Zone 2 was the physical inspection area for this cycle. Zone 2 includes the areas between Pacific Highway and Sandridge Road from Joe Johns Road to Cranberry Road. The physical inspection zone generally sees the largest range of percent change between properties. The inspection zone values are based on properties that have sold as well as whatever information is discovered at physical inspection. Most properties haven’t been inspected for six years so there is a high probability that there have been changes since the previous inspection. This differs from an area updated by statistical analysis. An area updated by statistical analysis will have very similar percent increase or decrease between properties because it’s changed by a market factor that is applied to a type of property or area in mass.
Development costs continue to increase significantly. 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.
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. Taxes are based on the overall district’s assessed value, approved levies, bonds and budgets. A 10% increase in assessed value is not equal to a 10% increase in the next year’s taxes. The previous year’s sales determine changes in assessed value, whether increasing, decreasing or staying flat. During the 30-day appeal window, the assessor’s office tries to talk to owners, correct any errors and give property owners a better understanding of the assessment process.
Sales lists which are used to calculate the new values will be available online or by mail. These lists show the old value, the sales price and date and the new assessed value for the sales properties.
Please remember that you only have 30 days until July 1 to appeal your new values. Next February, when you get your tax statements for 2025, will be too late to make any adjustments in the value.
Please also note that if you do not receive a COV, your property value remains the same. We don’t mail to everyone in order to keep costs down but a property owner whose value stays the same still has the same appeal rights (until July 1, 2024) as those whose property value changed. If a person owns multiple properties and only receives a postcard it means that only one of the properties changed value.
Also remember if you are over 61 years old as of Dec. 31, 2023, or disabled and make less than $43,000 annually and your Pacific county property is your primary residence, you MAY qualify for a Senior Citizen exemption. Call our office for further 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 875-9301, 642-9301, 484-7301 or 267-8301 or at co.pacific.wa.us and look under assessor. Our office hours are 8 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.