Spokane couple baffled over increased property value

Spokane couple baffled over increased...

SPOKANE, Wash. - Properties continue to gain value in Spokane County - good news for those trying to sell, but for home buyers - that could spell more property taxes.

A South Hill couple was baffled after discovering the home they purchased two months earlier gained nearly 40 percent in value over the last year, or about $140,000. The home was assessed by Spokane County over the summer.

"Our mortgage was calculated, and so was our taxes, and that was based on the original assessment," said Rachel Peters, a librarian who bought the home with her husband.

In 2016, Peters' property was valued at $339,000. One year later, that value grew to $475,000.

"I calculate that we will probably have to pay about $300 more a month in taxes, and that's significant for a lot of people including us," Peters said.

Spokane County Assessor Vicki Horton said the county added $3 billion in assessed value in 2017. Horton said since market values are going up, sales are increasing, and so are property values.

"At one point during the process we were one of the top three in the nation for values growing for sales," Horton said.

One out of every six homes in the county are assessed annually. The other five are revalued statistically. Peters said she doesn't mind paying taxes and isn't upset with the county; she would have just liked to see her property gain value incrementally.