A slowing real estate market influenced property assessments that are being mailed to Thurston County property owners on Friday.

The 2009 assessed value of real property countywide is $28.174 billion, which includes $514 million in new construction. However, removing the value increase due to that new construction, the overall decrease in real property's assessed value is $1.24 billion.

This is the second consecutive year that Thurston has had a drop in assessed values, with the decline in assessment year 2009 being greater than the reduction in 2008.

Commercial property assessed values show an overall gain of 4.0 percent for 2009, with vacant commercial land increasing by 15.4 percent. This counter-trend to residential property values continues a trend from the prior year.

The 2009 median revaluation declined 6.2 percent for all types of residential properties, including single-family homes, manufactured homes, condominiums and vacant land.  The median value for vacant residential land dropped 9.8 percent.

Some property owners equate higher or lower assessed values with higher or lower taxes, but that is not necessarily the case, according to Thurston Assessor Patricia Costello.  While your property value affects your share of taxes, the actual amount you pay is determined by tax rates based on the budget requests of the schools, city, county, sewer district, port, roads, and other taxing districts.

Go to www.co.thurston.wa.us/assessor for information on property assessment and property taxation.