If you own property, your new valuation notice will arrive sometime in the next few months. If your property is in one of the areas below, prepare yourself for a double-digit jump:
The King County Assessor’s Office has begun the annual process of mailing valuation notices to over 700,000 property owners. Notices will continue arriving to property owners through September.
In most areas of the county, property values are up again this year. Higher valuations, however, do not necessarily translate into higher property taxes, said Assessor John Wilson.
“Most people don’t realize that the fluctuating value of your property has less to do with changes in your tax bill than do measures approved by voters,” said Wilson. “Decisions made by voters, in terms of approving special levies; and by elected officials in terms of adopting budgets, determine the total amount of tax to be collected in your area; the value of your property determines your share of that total amount.”
State law requires each county assessor to revalue property annually, and to conduct an on-site physical inspection of each property at least once every six years. Property values are determined by certified appraisers who assess property based on comparable sales, various attributes of a particular property, and/or income generated by the property.
