Property tax revenues increase 2.1 percent in 2010

The Bellingham Business Journal

Property tax revenues increased 2.1 percent to $8.8 billion in 2010, according to a Washington State Department of Revenue report.

Approximately $52 million of the $181.6 million in additional revenue over 2009 stems from new construction added to the tax rolls. Another $99.2 million is due to higher voter-approved levies.

Property tax revenue increased by the highest percentage in Grant County at 19.9 percent, mainly due to new construction, followed by a 9.4 percent increase in Lewis County.

The average statewide property tax on a single family home dropped $26 to $2,618, based on calculations of data included the report. Levy rates rose to a statewide average of $10.28 per $1,000 assessed value due largely to an 8.1 percent drop in the assessed values of existing properties.

While some counties experienced large year-over-year declines in assessed property value — Clark County and King County saw values drop 13 percent, the largest in the state — Whatcom County property values increased 3.3 percent from 2009.

For more information, visit dor.wa.gov and search for 2010 Property Tax Statistics.

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