Some King County property valuations ‘going down for the first time in a long time’

King County Assessor John Wilson just finished a media briefing on what his staff is seeing as they work on property valuations that will affect next year’s tax bills. His assessment of the situation: “Assessed values are going down in some areas for the first time in a long time” – at least a decade. This follows a big jump last year, so Wilson sees it as “re-level-izing.” So far, his staff has finished just two of the 85 districts, so valuation notices will be going out in those two districts first – Queen Anne and Sammamish. In QA, Wilson said, valuations are down 8 percent, while in Sammamish, they’re down 22 percent. So far, they’re only seeing a few areas of the county that aren’t trending downward – Normandy Park, for example, is up, while South Seattle is flat. Wilson says the downward trend also applies to commercial property, which he attributes to the work-from-home trend reducing demand for commercial space and therefore bringing down rents. Valuation reviews for all 85 districts won’t be complete until late summer, so it might still be months before you get your valuation notice if you own property. These are 2023 valuations for the tax bills that go out in early 2024. Wilson cautions that “Assessed values are not the sole predictor of property taxes” – they won’t know how taxes are going until the taxing jurisdictions start sending their budgets for next year. One more note, while you can’t appeal your property taxes, you can appeal your property valuation, provided you do it within 60 days of the notice date – the process is explained here.

1 Reply to "Some King County property valuations 'going down for the first time in a long time'"

  • Tim June 2, 2023 (8:46 am)

    Just to be clear. A reduced value does not necessarily mean your property tax payment will go down. Your payment may even go up.

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