Median residential property values are up 12.4% this year in southeast Kent and east Auburn, according to the King County Assessor’s Office.
The 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 July 18 news release from the assessor.
In addition to the southeast Kent and east Auburn increases, median residential property values rose by 4% in Lake Youngs and by 3% in Cedar River/east Maple Valley.
Preliminary indications show most residential areas across the county will increase more than 10% on average. Commercial properties are more mixed depending on property type.
“After dramatic fluctuations in the residential market during the COVID years, values have returned to a steady level of increase,” said King County Assessor John Wilson. “The volatility now is in the commercial sector and among condominiums.”
It is important to remember that voter approve levies have more impact on property tax increase than do changes in home values, according to the news release.
The total amount of property tax collected is derived from the budgets passed by state, county, and local governments, and by locally approved levies. The value of each property determines proportionally how much each taxpayer will pay of that total amount.
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, 2024, for taxes due in 2025.
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