Median residential property values are up by about 15.5% for 2020 in the southeast Kent and east Auburn areas, according to King County Assessor John Wilson.
The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving in southeast King County neighborhoods soon, according to a May 6 news release from the assessor.
Median residential property values rose by 17.7% in Maple Valley and by 20.8% on the Enumclaw plateau as the assessor releases data for certain areas in the county as valuation notices are sent.
Each year, county assessors set values on every commercial and residential property value in the state. These values – set effective as of Jan. 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of Jan. 1, 2021, for taxes due in 2022.
Data indicates that home sale prices and overall home values have risen sharply in most King County neighborhoods, despite the economic impacts of the COVID-19 pandemic.
“No one knew what to expect a little over a year ago when this public health emergency began,” Wilson said. “Now it is clear that a primary impact on property values has been caused by homeowners not wanting to sell at this time, leading to reduced supply and big price and value increases.”
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