What happens when you write a blog post ripping on the recent property valuations from the King County Assessor? Well, the next morning someone from the Assessor's Communications/Outreach Dept has a little 'hello' waiting for me in my inbox (Insert warm fuzzies here). :-)
Here is what they want us to know:
Total property valuations are approaching pre-recession levels at $340.6 billion, (2008 total property value was $341 billion) up 7.6% overall from 2013 ($314.7 billion). “Continuing the 2013 trend, property values are increasing across King County as we emerge from the Great Recession,” said Assessor Lloyd Hara. “In 2013, we saw a residential increase in 76 out of 86 residential areas and we expect to see continued growth in residential values in 2014 for almost all residential areas in King County except for a small number of parcels in the Snoqualmie Pass and Stevens Pass area.”
As property values rebounds across King County, property owners are wondering what the increase might mean for their property tax in 2015. Washington voters in 2001 approved Initiative-747, and the state legislature reinstated I-747 in 2007, imposing a 1 percent cap per year on property tax increase unless voters approve a greater tax increase.
Washington State operates under a revenue or “budget-based” property tax system in which taxing districts, such as counties, cities, ports, and fire, library, and school districts submit their annual adopted budgets to the Assessor’s Office. The Assessor determines the taxing rate that is necessary to generate enough revenue to meet the adopted budgets. The tax rates are based on the value of residential, commercial, and personal property in each county, which is established by the assessors.
Assessor Lloyd Hara would like to remind all property owners to carefully review the information contained in the valuation notice. If you feel a mistake has been made in valuing your property, it is recommended that you contact the Assessor’s Office directly before filing an appeal at 206-296-7300 or assessor.info@kingcountygov.
Property owners can review their property information online using eReal Property and review our Kirkland Area Report on the Assessor’s homepage at www.kingcounty.gov/assessor or with the Assessor’s staff to make sure an error has not been made. King County allows 60 days from the valuation’s postmark date to file an appeal with the King County Board of Equalizations.
In some parts of King County, up to 50 percent of your 2014 property taxes might be voter-approved tax measures. In the majority of cases, an increase in property taxes is due to voter-approved property tax measures. These are typically school, fire, or other levies or bonds. Find out your tax levy rate and more property related information by visiting eReal Property and on the King County Assessor’s website.