King County property values rebounding

From the King County Assessor's Office

In 2014, King County was the second fastest growing urban county in the nation, and a strong real estate market has driven property values steadily upward. While many residential properties increased in value, the majority have not returned to the pre-recession values of 2008.

King County property values increased 13.9% from $340.6 to $388.1 billion, and $5.4 billion in new construction was added in 2014. Look for the 2015 valuations in late May thru October. We encourage property owners to contact our office at 206-296-7300 or email us with questions regarding property valuations. 

The Assessor's Office is available to speak to professional organizations, service clubs, and community groups about the assessment process. Call 206-263-2261 or reach us here to schedule a presentation.

Property value increases do not represent a proportional increase in property taxes.

Key Facts:

• Taxing districts are held to a one percent annual increase limit in property tax revenue regardless of changes in property values, unless, voters approve special levies. 
• Overall, property taxes increased by 4.11% in 2015, but individual property taxes vary depending on the property location. 
• Individual property taxes are calculated based on the assessed value of a property, the total taxable property value in the community, voter-approved measures, and the budgets adopted by local governments.
• Only 17.5 cents of every property tax dollar supports services provided by King County government. 

Our office has created a short presentation here to fully explain how property taxes are determined.