King County Property Taxes Increased Up to 31% in Some Cities
When you open your property tax bill this month, don't be surprised by the increase.
Those who own property in King County can expect to see an increase on average of 17% of the property tax bill, year over year - which is the highest increase to taxes in modern day King County assessments. Some cities will see as high as 31% increase.
For those who don't know how property taxes work, you get taxed based on the home's assessed valuation and on local levies. If you live in an area with a higher increase in the value of your home, you will most likely see an increase in your property tax bill. Carnation had a huge spike to their values (an average of 29% increase) and subsequently, Carnation will see a 31% increase in their property tax bill.
If you've done permitted work on your home to change, alter or increase your home, the county assessor has probably taken note of that too. Many people are "staying and aging in place" rather than selling their home and trying to find another home in our low inventory market.
The McCleary Decision has fueled a good portion of this property tax increase, which accounts for $535,480,684 of the allocated property tax funds, which will provide more funding for education/schooling for new state schools.
Here's a chart by city provided by King County by city to see exactly what the increase is in your city.
For seniors on low-incomes, veterans and disabled homeowners may be eligible for tax exemption status. Go here to apply.
For the rest of us, remember to pay your property taxes. If you have a mortgage, your mortgage company gets a copy of the property tax bills and should pay it on your behalf For everyone else (those who own their property free and clear) to avoid interest and penalties, the first half property taxes must be paid or postmarked by April 30, 2018. The second half property taxes must be paid or postmarked by Oct. 31, 2018.
Kristin Bushnell is Designated Broker of Bushnell Real Estate Solutions and Co-owner of Bushnell Craft Brewing Company in Redmond, WA. Check out my profile here.
If you are ever interested in chatting about real estate, contact me at kristinbushnell@gmail.com or call me at 425-559-1355. I'll buy you a beer (or non-alcoholic beverage, if you prefer!), and we can chat about real estate until your heart's content.
