CAMANO ISLAND – Bill James opened his property assessment and his jaw dropped.
His property value had jumped by nearly 56 percent in a year.
James, 80, had planned to spend the rest of his life in his Camano Island home.
Now, with its value soaring to $555,920 from $357,000, he worries how he’ll be able to afford the property taxes.
“You gotta cut out something,” he said. “You’ve got to cut down on driving, cut down on transportation or cut down on food – that’s it.”
Throughout Island County, property owners are grappling with increased property values. Estimated property values mailed out to all Island County homeowners on Oct. 2 jumped an average of 27 percent from 2005, Assessor Tom Baenen said.
The total assessed value of Island County property has nearly doubled in the past five years, to more than $12 billion, from $6.9 billion in 2002.
The rising rates are part of a nationwide upswing in home prices that has affected nearly all Washington communities, Baenen said. Property values in Snohomish County, for example, increased about 21 percent this year.
In Island County, values are up across the board, but they’re especially high along the water.
“One thing that islands experience that many other places don’t is a finite supply,” Baenen said.
“There’s 2,011 square miles consisting of two islands. The population in Island County 20 years ago was at or slightly under 60,000,” he said. “The population now is over 80,000. Yet it’s still the same size. So when you have a limited supply and an increased demand, prices go up.”
Though the assessments may seem ominous, Baenen cautioned homeowners not to read too much into the numbers. Rising property values don’t necessarily translate to bigger tax bills.
Under state law, property tax can increase by only 1 percent each year.
The countywide composite property tax rate is expected to decrease to $8.89 per $1,000 of assessed value from $9.10 per thousand in 2005, according to the assessor.
That’s partly because there are more properties to tax, he explained.
Homeowners also worry about special voter-approved bonds and levies that are not included in the assessor’s estimated tax rate. Those bills aren’t limited by the 1 percent rule.
“We’re always concerned when we get these tax bills and they’re not explained to us prior,” Camano Island resident Ed Stillian said. “They’re just kind of dumped on us – and it’s not like a Christmas gift. I’ve never had my property taxes go down.”
Led by Stillian, residents have organized a meeting for 7 tonight to discuss the increased values.
Property owners who have appealed their values to the Island County Board of Equalization in the past will talk about the process. Baenen said he’ll be there to answer questions as well.
If enough people are interested, Stillian said they may form a political action committee to deal with the issue and pressure lawmakers to pass legislation to protect homeowners.
An independent real estate appraiser, Stillian said he also plans to push legislators to increase the $35,000 per household income cap for senior citizens to allow more people on fixed incomes to qualify for the property tax exemption.
“The majority of this community is fixed-income retired people,” said Camano Island resident Dale Tyler, 73. “Those people are having to move off their property, off the island, because of taxes. There has to be some new thinking to protect our seniors.”
James said he’ll appeal his property value – just as he’s done the past five years. He bands together with a dozen neighbors and appeals to the Board of Equalization.
They were successful for four years, but lost last year and have had to deal with higher property values.
Island County residents must file appeals by Nov. 30. That’s also the deadline for residents to debate their property value with an appraiser.
Reporter Kaitlin Manry: 425-339-3292 or kmanry@heraldnet.com.
Camano Island residents are welcome to attend a property value forum at 7 tonight at the Camano Senior and Community Center, 606 Arrowhead Road.
Island County Assessor Tom Baenen and a representative from the Board of Equalization are expected to speak at the meeting.
A $1 donation is suggested to help cover the cost of renting the room; a group of residents is holding the event, not the county.
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