Don’t look now but something else is about to cost you more – property taxes.
Homeowners in King County – or the lenders paying their mortgage – recently received notices in the mail about the assessed value of their property. This figure will help adjust their property tax next year. (The assessment in 2021 determined this year’s tax.)
Depending on where you live, the property tax bill in 2023 will rise between 1.5% (Algona) and 15% (Tukwila). That’s quite a gap.
Among the bigger cities, Seattle will see a 6.9% rise in property taxes from this year to next. Bellevue will experience a 6.8% hike, Redmond will jump 7.9% and Federal Way will rise 11%. (King County property taxes rose 4% on average this year but fell about 1.5% in Seattle.)
Why such a difference between locations in the same county?
That’s because tax amounts are derived not only from the assessed value of a home but from voter-approved tax measures, such as school levies. More than half of property taxes collected this year by the county, 57%, will help cover K-12 schools, according to King County Tax Assessor John Wilson.
“Residential property values have continued to rise during the COVID 19 pandemic, partly driven by a lack of housing inventory,” said Wilson. “Local governments may only increase property tax collections by 1% per year without a vote of the people.”
That’s worth noting. A 1%-a-year tax hike is tolerable when some homeowners in other states find themselves paying far more as their assessed homes appreciate by double-digits in a year. Median home prices in King County rose 11% in 2021, according to the Northwest Multiple Listing Service, including a whopping 34% for all home types on the Eastside – but households should never see a similar rise in property taxes here without voter approval.
To find your property tax amount for 2022, go to the King County assessor’s website and plug in the tax-parcel number. Not sure of the parcel number? It can be found on a home purchase contract or a previous county property tax report. Homeowners may also use eReal Property Search to look up parcel information by entering an address.
Your taxes help pay for essential services, such as police and fire safety, in the county and local municipality in which you live. They also cover initiatives, including paying for upgrading county health services, improving air quality in schools or expanding sewage-treatment systems.
Still, the assessed value of a home on the notice card may appear high from the previous year. Homeowners should contact the Assessor’s Office by phone (206-296-7300) or email (Assessor.Info@kingCounty.gov) to confirm the characteristics of the property.
Homeowners wishing to appeal the new appraised value must file a petition with the county’s Board of Equalization no later than July 1 or within 60 days from the mailing date on the front of the notice card (whichever is later). More information can be found here or by calling the board (206-296-3496).
This year’s King County property taxes are due May 2 and Oct. 31. Homeowners are responsible for paying the bill unless they are paying off a mortgage, in which lenders are responsible for the payment.