The 2023 Change of Value Notices were mailed October 13, 2023. State law requires County Assessors to appraise every property annually, with an effective assessment date of January 1st for most properties, and July 31st for new construction. Change of Value Notices are not tax bills, and an increase in value does not mean a proportional increase in property tax.
The Assessor must value all property in Whatcom County at full market value, per state law. Sales from 2022 were analyzed to develop an assessed value as of January 1, 2023. While the residential market saw some fluctuations, it continued to appreciate through 2022 for most locations. Total Assessed Value in the county increased to approximately $60 billion, which is a 16% increase from 2022, and includes approx. $680.3M in new construction value.
Every year, 1/6th of properties in Whatcom County are physically inspected and reassessed. In 2023, the Assessor’s Office inspected Ferndale, Lynden, and the areas in between. These properties were brought up to market levels, with a wide range of percentage changes.
The remaining 5/6th of the county properties are adjusted based on a statistical update, from analysis of sales of similar properties. Increases in values of single-family residential properties primarily ranged from 9-20%, with some outlier areas with higher and/or lower adjustments. Some multifamily and commercial properties throughout the county saw increases as well.
To learn more about how assessed values interact with property taxes see:https://www.whatcomcounty.us/3491/Levies-Property-Tax
Additional information can be found on the 2023 Assessor Report here:https://www.whatcomcounty.us/DocumentCenter/View/79759/2023-assessor-report