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.
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.
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