The Bust After the Boom in Whatcom County
A local assessor grapples with the fallout of a real-estate bubble, lowering property valuations to match actual economic conditions.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The Whatcom County assessor states that the aggregate valuation of real and personal property in the county this year will not be greater than last year, and may be slightly less. Two years ago, people became weary of paying taxes upon the inflated valuations placed upon property during the boom period and demanded that assessments conform more nearly to actual values. The assessor, himself a farmer, has made his estimates accordingly, resulting in a valuation significantly below that of 1891 despite continued agricultural progress.
“The people became weary two years ago of paying taxes upon the inflated valuations placed upon property during the boom period.”
This reflects the classic cycle of Pacific Northwest real estate speculation. As Seattle and its neighbors grapple with today's high property valuations, the 1893 tax revolt serves as a reminder that local governments are often caught between funding public needs and the reality of an over-leveraged market.
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