Your Whatcom home’s assessed value just went up. Will your property taxes also increase?
Whatcom County property owners are receiving updated “change of value” notices, and many people are expressing sticker shock on social media and in letters to The Bellingham Herald as they fear higher taxes.
But that’s not necessarily the case, Assessor Rebecca Xczar told The Bellingham Herald.
“The market appreciation isn’t directly related to a tax increase. Assessed value is only important in relation to the assessed value of the whole county. If everyone’s assessed value goes up, your piece of the pie, your percentage, doesn’t change,” Xczar said in an interview.
“Some properties had been significantly under-assessed, [and] those properties will see a tax increase. We’re fixing it to be fair and equitable,” she said.
Sales from 2022 were analyzed to develop an assessed value as of Jan. 1, 2023, according to the Assessor’s Office website. Total assessed value increased countywide to about $60 billion — a 16% increase from 2022. That includes about $680 million in new construction value.
A recent increase in assessed valuations was prompted by the state Department of Revenue. Revenue officials warned that local property ratios were below 90%, and the International Association of Assessing Officers recommends ratios of 90-110%, Xczar told the Whatcom County Council in a presentation Sept. 12.
Most properties in the county saw increases of between 9% and 25%, but higher increases were possible in Ferndale, Lynden and areas in between, she told the council.
As an example, Xczar told the council that “just because your taxable value doubles, doesn’t mean that your tax doubles because you are just a percentage of the whole value of the [taxing] district,” she said.
Actual taxes for 2024 will be determined early next year, once taxing districts such as schools and fire agencies set their budgets for the year, Xczar said in letters to property owners this month.
In addition, income levels will change for an exemption program aimed at seniors, veterans and people with disabilities. That’s because of action in the state Legislature, she said.
