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Tax bills on Vashon increase slightly
For the second year in a row, Vashon property owners are seeing a slight drop in their property values as well as a small increase in property taxes, according to the King County Assessor’s Office.
Tax bills as well as assessed values for 2012 were mailed to King County residents last week — assessments that show a slight decrease in property values countywide.
“Bank foreclosures and other distressed sales continue to be a drag on property values overall in King County,” County Assessor Lloyd Hara said.
Overall, property taxes climbed 1.7 percent, while values dropped in every taxing district except two — Wallingford and Phinney Ridge in Seattle.
On Vashon, the median assessed value fell from $389,600 in 2011 to $377,000 in 2012, according to John Wilson, a spokesman for the assessor’s office. The levy rate, meanwhile, went up from $11.63 per $1,000 of assessed value in 2011 to $12.30 in 2012, he said.
The average homeowner will see a property tax increase of $106 — due, Wilson said, to Vashon’s various public agencies that have taxing authority.
“You have some unique expenses that drive property tax rates on Vashon,” he said.