Median residential property values rose by 24% this year in a portion of the Kent East Hill area and Talbot Hill area of Renton.
Values were up 20.4% in the area of Kent’s West Hill, Des Moines and SeaTac, according to a Sept. 29 news release from the King County Assessor’s office.
The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving in South King County soon. The Assessor’s office releases information about specific areas over a period of time as notices go out.
Data indicates that home sale prices and overall home values have risen sharply in most King County neighborhoods and have dramatically spiked in northeast King County.
“Housing inventory for sale remains low, while demand remains very high,” said Assessor John Wilson. “The resulting increase in home values is inevitable in this type of market, and that trend is particularly strong on the eastside. While voter approved special levies typically have more impact on property tax increase than do increases in home values, these value increases are so dramatic they may result in noticeable increases in property taxes in eastside communities.”
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. When values rise dramatically in some areas, but not all, it can result in a shift, causing some taxpayers to pay more than others.
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, 2022, for taxes due in 2023.
Earlier in September, the King County Assessor reported that median residential property values are up 24% in the Panther Lake area of Kent and in the Fairwood area of unincorporated King County.
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