Real and personal property is an indicator of the personal wealth of a community and provides a significant revenue stream for local government. Land and improvements are considered Real Property. Personal Property is property that is characterized by its mobility. Personal Property is generally used in the operation of business activities and includes, but is not limited to furniture and fixtures; machinery and equipment; supplies and materials not held for sale or do not become an ingredient or component of an article being produced for sale.

The value of real and personal property in Pierce County has taken a significant decline over the past few years, falling by over 12% since 2008.  Prior to 2008, there had been no negative growth in taxable values of real and personal property during the reporting period beginning in 2000.  In 2009, the value of assessed property fell nearly 5%, and in 2010 the assessed value of real and personal property fell again by over 8%. 

The value of real and personal property in Pierce County rose at an average rate of 6.7% per year between 1997 and 2004.  In 2005, we can begin to see the beginning of the bubble when the assessed values increased 20.2% and increased again in 2006 another 23.5%.  In 2007, the value of real and personal property increased by about 13% to $89.4 Billion and rose again by 3.6% in 2008.