Island’s property values up 13 percent this year

The King County Assessor’s Office has begun the annual process of mailing valuation notices to over 700,000 property owners, including on Vashon, where property values have gone up nearly 13 percent over last year.

Al Dams, King County’s Chief Deputy Assessor, noted that home values are still increasing, but the increase is less than last year, when Vashon-Maury property values jumped an average of 17 percent from 2016.

Averages for property values around the region have not all been completed yet, Dams said, but that process will be finished later this month.

In a recent press release, Assessor John Wilson noted that higher valuations do not necessarily translate into higher property taxes.

“Most people don’t realize that the fluctuating value of your property has less to do with changes in your tax bill than do changes in state law and measures approved by voters,” he said. “The new statewide property tax to fund schools, approved by the legislature in 2017, is the main reason property taxes have risen an average of 17 percent in King County this year. Decisions made by lawmakers and voters determine the total amount of tax to be collected in your area; the value of your property determines your share of that total amount.”

Wilson encourages property owners to sign up to receive their annual property valuation notice via email instead of through the United States Post Office. To sign up, go to kingcounty.gov/assessor and click on the Go Paperless window for details.

Property owners who believe their assessment may be incorrect can appeal to the Board of Equalization (BOE).

This must be done within 60 days of the date on their valuation notice. Details are available at kingcounty.gov/assessor and at the BOE at kingcounty.gov/independent/board-of-appeals/about.aspx.

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