17.4 C
Munich

Property values ​​are rising rapidly in the King district. What does this mean for your taxes?

Property prices are up 22 percent more than last year in Black Diamond, 18% in Woodinville and 13% in Skyway.

But just because you live in those areas does not mean that your property taxes will go up as much.

The King County Appraisal Office has begun sending property appraisal notices for this year that will be used to determine next year’s property taxes.

However, because of the way Washington calculates property taxes, raising property values ​​does not always mean an adequate increase in property taxes. Instead, according to the appraiser’s office, the new levies և tax measures have a sharper impact on tax bills. This year, for example, in several areas of the South Kings area, property owners saw double-digit tax increases, in part due to voter-approved levies.

The rising prices this year are due to the warm housing market in the area, where high demand և low supply is driven by the pace of war և high prices.

Property values ​​are determined in part by analyzing comparable sales. Last month, home prices for the average single-family home in the Qing region rose 10 percent from a month earlier to ,5 14.5 percent from a year earlier. Prices have risen sharply outside of Seattle in areas that are more affordable or offer more space.

The appraiser’s office continues to look into property within Seattle, but expects “most of the city will be in single digits” for value increases, appraiser John on-Wilson said Thursday.

That includes West Seattle, where Wilson said the closure of the bridge “had a significant impact on people’s willingness to sell homes, their willingness to buy homes.”

“But at the beginning of the epidemic,” Wilson added, “I heard from a number of homeowners who were concerned that this was going to shatter the value of their home, that it would sink to the floor. That was not the case at all. “

Wilson says many commercial buildings in the King’s District will also be valued at higher prices, despite the economic downturn.

“In general, even with COVID restrictions, it did not adversely affect the value of the land or building structure on that land,” Wilson said.

According to the assessor’s office, severely damaged areas, such as hotels, parking lots, cinemas, are experiencing a slight decline in value, although more details will not be available until the end of the year, the spokesman said.

Upon receipt of the appraisal notice, King County property owners can appeal if they do not agree with the county appraisal.

For property taxes levied this year, the county offers payment plans և other support programs for entrepreneurs մարդիկ people 60 years of age or older who are retired with a disability or have a low income. For more information, visit the King County Treasury website or the King County Appraisal Website.

LEAVE A REPLY

Please enter your comment!
Please enter your name here