County Property Values Climb Assessor’s Catch-Up Revaluations Caused Second Year Of Rapid Increase

Fri., Jan. 27, 1995

Bruce Krasnow Staff writer

For the second year in a row, the appraised value of property inside Spokane County increased significantly and many owners - especially those with commercial parcels - will pay higher taxes as a result.

The value of taxable property in Spokane County climbed to $15.1 billion in 1994, up from $13 billion.

The 15.3 percent increase is not quite as high as the jump from 1992 to 1993, when values surged 26 percent - the greatest increase in Washington state.

Like last year, the rapid climb is due to a catch-up program by the assessor’s office, which transferred to a computerized mass appraisal system.

During 1991 and 1992, when home prices climbed, there were no property revaluations because of the change to the new system. In 1993, county appraisers focused on single-family homes because that sector grew the most growth.

Last year, appraisers concentrated on 20,000 commercial parcels, including retail businesses, duplexes and apartment buildings. Some had not been revalued by the county in five years.

The value of those properties increased an average of 20 percent and taxes on commercial property will see a larger increase than single-family homes, which climbed about 13 percent, including new construction.

Dave Wunder, the county’s chief appraiser, said the amount individual properties increase or decrease depends on a variety of factors including location, condition and demand.

The new property values are used by the assessor’s office to calculate 1995 tax rates for schools, fire, library and sewer districts, as well cities and the county.

The amount of taxes ultimately paid also depends on what individual school districts and governments decide to spend this year and how much bond debt is approved by voters.

Treasurer Linda Wolverton said she needs at least two weeks to make corrections and process tax bills before they can be mailed.

That means property owners won’t see their bills until early March.

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