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August 21, 2014 at 4:48 am #612414
clark5080ParticipantMayor to seek levy to pay for police and fire services
maybe he wants to lower the density by driving us middle class out of the city
http://seattletimes.com/html/localnews/2024355408_safetylevyxml.html
August 21, 2014 at 5:05 am #812406
Arbor Heights PeacefulParticipantGot my Official Property Value Notice in the mail last week. My property value increased $67,000 in one year! How much will my taxes increase what with all the new and higher property taxes? I don’t mind paying taxes but there is a breaking point for home owners earning under $55,000 a year. Less disposable income is available. Maybe there is a plot to lower density by driving us middle and lower middle class out of the city!
August 21, 2014 at 2:13 pm #812407
wakefloodParticipantDisputing your valuation? Go for it. But be aware that you live in one of the hottest housing markets in the country and your valuation might be pretty close to reality.
August 21, 2014 at 4:16 pm #812408
skeeterParticipantAugust 21, 2014 at 4:23 pm #812409
skeeterParticipantAn increased valuation won’t necessarily increase property taxes. Our property taxes are “capped” at a certain level. So if everyone’s value increases by 30% then everyone’s property taxes will actually stay the same.
Think of property tax as a big pie. The pie can only grow by 1% each year. The value assigned to your house simply determines how big your piece of the pie is. Please let me know if that doesn’t make sense and I’ll try to explain better. I’m a tax professional and I’ve studied this concept.
This is a great resource. Every person owning real property in Washington State should read this: http://dor.wa.gov/Content/GetAFormOrPublication/PublicationBySubject/TaxTopics/PropertyTax/OnePercentQnA.aspx
August 21, 2014 at 6:26 pm #812410
Driez206MemberI looked into disputing my property value this year, they want you to use comparable sales. So if 3 or 4 houses in your area were sold for more than you tax valuation notice, then it becomes difficult to argue against their valuation. However, this still does not take into consideration any functional obsolescence to your property. I didn’t do much research past them stating I had to use comparable sales to argue property values.
August 21, 2014 at 9:10 pm #812411
acemotelParticipantSkeeter, does the recent parks initiative act like a levy lid lift, described in the literature you cited? Do you know?
August 22, 2014 at 4:44 pm #812412
skeeterParticipantYou are correct ace. The voters approved the parks district. So the additional property taxes will be in addition to the overall 1% increase.
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