The King County Assessor’s office is in the process of mailing annual property valuation notices to taxpayers. Notices to property owners have begun arriving locally.
Median residential property values rose by 19.3% in West Central Shoreline, by 15.5% in Lake City, by 9.3% in Green Lake/ Wallingford, and by 16.2% in Laurelhurst/ Windermere/ View Ridge.
Each year, County Assessors set values on every commercial and residential property value in the state. These values – set effective as of January 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of January 1, 2021, for taxes due in 2022.
Data indicates that home sale prices and overall home values have risen sharply in most King County neighborhoods, despite the economic impacts of the COVID-19 pandemic.
“No one knew what to expect a little over a year ago when this public health emergency began,” said Assessor John Wilson.
“Now it is clear that a primary impact on property values has been caused by homeowners not wanting to sell at this time, leading to reduced supply and big price and value increases.”
Does this mean our property tax next year (2022) will also increase by the same percentage?
ReplyDeleteSo what John Wilson is saying without saying it is, he is gonna over tax homeowners while the costs of everything goes up while the worth of or money goes down..
ReplyDeleteThis state makes it more enticing to rent rather than own.
ReplyDeleteCan’t be evicted if you rent. Keep raising taxes so owners have to charge more for rent. It’s all a vicious cycle.