You are not alone.
When you received your 4x5 card in the mail from the county assessor this summer, you may have been surprised by the increase in your property's new appraised value. This value determines the amount of property tax you pay annually.
As of January 1, 2024, many single family home values significantly increased year-over-year. Residential property values rose by approximately 10%, with waterfront and Eastside homes increasing up to 28%
in King County.
We received numerous calls from clients surprised by their new valuations, which were generally accurate. This, of course, was not welcome news.
You may wonder: why the sudden increase in assessed property values? have the Department of Assessors' valuation algorithms improved? or is there pressure to offset revenue losses from devalued office buildings given Seattle commercial property values declined by 35-40% in 2023?
Our sources tell us there seems to be a push toward increasing tax revenues from single-family residences.
Rest assured, however. A 20% increase in appraised value doesn't mean a 20% increase in your tax bill annually.
The Washington State Constitution limits property taxes to 1% of a property's true market value.
It's important to remember that voter-approved levies, funding vital community services and infrastructure, have a greater impact on property tax increases than changes in your home value.
It is also important to note, the Official Property Value Notice triggers a 60-day window to appeal your property valuation.
Have questions about your property's valuation?
Let's connect to discuss.
Cheers to a wonderful November!
Trey, Valerie and Fallon
The Trey Danna Team
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