Change-of-value notices were mailed to about 40,000 Kitsap County residential property owners on July 5, according to the Kitsap County Assessor’s Office.

These notices are only sent to property owners with changing assessed values. Officials said they have sent out about half the number of notices that were sent last year, which appears to be a sign that the six-year downward trend in home prices has bottomed out.

Most owners receiving a notice will see a slight reduction in their Jan. 1, 2013 assessed value when compared to the Jan. 1, 2012 assessed value, according to the assessor’s office. A few neighborhoods, where sale prices have been slightly above the assessed values, will see slight increases to assessed value.

Sales from Jan. 1, 2012 to March 31, 2013 were analyzed in determining the Jan. 1, 2013 assessed value. Sales used in the analysis are shown by neighborhood on the assessor’s webpage.

All new values, including those not changed, are posted on the “Parcel Search” feature at the assessor’s homepage at www.kitsapgov.com/assr. Click on “assessor data” and “value history.”

Commercial property owners can expect to receive their change of value notices, if necessary, in August. Those disagreeing with the Jan. 1, 2013 estimate of market value will have 60 days to appeal to the County Board of Equalization.

Potential appellants should first contact the assessor’s office at 360-337-7160 to review property characteristics and receive property specific valuation information. Information on property tax relief programs is also available.