Residential property values increase 6% across Pierce County

A new county assessment says that home values in Pierce County rose 6% in 2024.

This rise in values comes after a 3% drop in 2023.

"Countywide, the average residential property has increased in value by 6.2% this year, going up from $521,300 to $553,500," Pierce County Assessor-Treasurer Mike Lonergan said.

According to Lonergan, the increase does not mean that there will be an increase in property tax in 2025 but rather the 2024 values will used to determine each property owner's fair share of taxes to be collected.

State law prohibits districts from levying more than a 1% property tax annually. A majority of voter approval is required for an increase beyond 1%.

"Your property tax in 2025 will be the new 2024 value multiplied by the combined tax rates of your school district, city, fire district and other local districts, plus the statewide school levy that everyone pays," Lonergan explained. "So, a lot depends on public votes such as levy lid lifts and bond issues."

Home values are based on sales of similar homes in each community.

"The largest home value increases are around 7% in Orting, Eatonville, Lakewood, Tacoma, Puyallup and Sumner," said Lonergan. "The smallest increases were under 1% in Fircrest and 3% in Milton."

Commercial property values rose about 3%, retail was flat and office spaces lost value when compared to 2023.

Homeowners have until August 26 to appeal the new value of their home with the Pierce County Board of Equalization.