(2017 photo by Long Bach Nguyen)
If you’re a property owner, you should get information soon on your next valuation. In a news release today, the King County Assessor says median values in West Seattle dropped a bit. However, that’s NOT because of the bridge closure – as we learned earlier this year in a conversation with the department, all the info going into your valuation for taxes in a given year is compiled before the start of the previous year. In other words, your 2021 taxes are based on what your property was worth January 1, 2020 – before the bridge closure (and the pandemic, for that matter). Keeping that in mind, here’s the Assessor’s news release:
The King County Assessor’s office is wrapping up the annual process of mailing out re-valuation notices to taxpayers. Notices will be arriving in West Seattle soon. Median values fell 1% in West Seattle.
Each year, County Assessors appraise every commercial and residential parcel 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 on January 1, 2020, for taxes due in 2021.
Data indicates that home sale prices and overall home values have been relatively flat in the aggregate compared to last year. As always, values vary from city to city and neighborhood to neighborhood – some are up, and some are down. One significant factor in residential home values in King County is the increase in values in suburbs around Seattle, especially in the south end.
The Assessor has been monitoring the economic impacts of the COVID-19 pandemic. While housing values have remained relatively steady so far, some commercial sectors have had their values severely impacted. These changes in value will be reflected in the 2021 assessed value for taxes payable in 2022.
“While home values did not rise significantly countywide, some areas, such as Auburn and Kent are seeing a lot of demand and therefore increases in median value, as more and more buyers are being priced out of Seattle and the eastside,” said Wilson.
You can appeal your valuation – as explained here – but not your tax bill.