Initiative 747 and your property tax bill

Olympian staff

Originally published Saturday, February 2, 2002

Q: Does I-747 limit the value of my property or the amount of taxes I pay to 1 percent?

A: No. I-747 applies to taxing districts and places a 1 percent limit on how much they can increase the portion of their budgets that comes from property taxes. I-747 does not limit the value or the amount of taxes on individual properties.

Q: In light of I-747, can my property tax go up more than 1 percent?

A: Yes. During the 2001 revaluation cycle, the average increase of assessed value in Thurston County neighborhoods was 5 percent. Even though the average assessed value went up countywide, some people will pay lower taxes, some will pay the same taxes as before and some will pay higher taxes.

Q: Who will pay more?

A: Property owners in neighborhoods where the assessed value was larger than the average countywide increase of 5 percent may see a higher tax bill for 2002. In neighborhoods where values went up less than the 5 percent average increase, owners may see a reduction in the amount of taxes they pay in 2002.

Q: Does I-747 apply to all levies?

A: No. I-747 only applies to regular levies. Voters must still approve school district and fire district maintenance and operation levies and bond levies. These are known as "excess" or "special" levies that require a vote of the people. On average, about 38 percent of the property taxes throughout Thurston County come from levies approved by the voters.

Q: What causes an individual's property value to change?

A: The property -- and its value -- can change when a bedroom, garage or swimming pool is added or when part of the property is destroyed by fire or flooding.

Assessments reflect changes in market values in a neighborhood or region. In a stable neighborhood with no extraordinary market pressure, inflation may increase values.

Q: How is property valued?

A: State law requires certified assessors to annually value all taxable property at 100 percent of its true and fair market value -- according to the highest and best use of the property. The assessors physically inspect all property in the county at least once every six years. During the interval years, the valuation adjustment is based on property characteristics in the county's computer files. The data is compared to recent sales of comparable properties to deter-mine a new assessed value.

Property tax information

For more information on the property tax system, and the impact of Initiative 747, visit the Thurston County Assessor's Office Web site at www.co. thurston.wa.us/assessor, or call the office at 360-786-5410.

The Olympian Copyright 2002

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