City report: Assessed value of MLT properties has dropped one-third since 2008

By Doug Petrowski

The combined assessed value of all taxable properties in Mountlake Terrace has dropped one-third since its peak in 2008, down to its lowest value since 2005, according to figures from the Snohomish County Assessor’s Office.

The total assessed value of all residential, multi-family, commercial, industrial and farmland properties in Mountlake Terrace is now $1,669,530,158; the total assessed value of all private taxable property in the city in 2009 was $2,403,174,145.

The figures were part of the Six-Year Financial Forecast (2013-2018) presented to the Mountlake Terrace City Council at its meeting on Sept. 17. Total assessed value figures are used by governments and taxing districts to calculate expected property tax revenues.

The average residential house in Mountlake Terrace has dropped in value to an average of $204,500, the lowest since 2005 when the average assessed home value in Mountlake Terrace was $191,200. The average residential home assessed value peaked in 2009 at $285,300.

In the past year the average assessed value of residential property in Mountlake Terrace has dropped 13.6 percent, above the 12.5 percent for Snohomish County. All cities but one saw their average assessed property values fall; only Index showed an increase, where the average residential house’s assessed value increased from $119,000 in 2011 to $124,900 in 2012.

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