Starting out, King County Assessor Lloyd Hara said home and business owners who recently received a valuation postcard in the mail probably noticed it had shrunk significantly from years past.

This small change, requiring some to pull out the reading glasses, saved the Dept. of Assessments $125,000, Hara said – a necessary reduction in light of a $2.1 million budget cut to his department.

Those who could see the valuation printed on miniaturized stock likely (and unfortunately) noticed the value of their lot and structure had diminished as well.

According to Hara, there has been a “very significant” drop in property value for White Center, Boulevard Park and parts of Burien – ranging from a 12 to 17.5 percent plummet in one year for some areas.

“There is a very close correlation between jobs and real estate,” Hara said. “As employment improves, the real estate market will also improve.”

Hara said nearby West Seattle and Delridge neighborhoods to the north did not take as big a hit (- 7.2 percent), due in part to quality of school districts and proximity to downtown Seattle.

To the south, SeaTac, Tukwila and the rest of Burien experienced an 8.8 percent drop in property value.

Anyone who disagrees with the valuation of their property needs to submit an appeal to Hara’s office within sixty days of receiving it in the mail, he said.

Next, Hara explained how property taxes are determined, and how for some people the taxes are going up as property value goes down.

Here is the rundown from Hara’s office:

“King County has 700,000-plus properties, 163 taxing districts and 594 tax levy codes. A property located in one tax code has a number of separate taxing districts (fire, library, schools, etc). As property values decrease, there is a natural assumption that property taxes will also decrease – that might not be the case for thousands of King County property owners.”

As for how property taxes can go up as property value goes down, Hara’s office states, “Washington State operates under a ‘revenue-based’ property tax system in which taxing districts, such as fire, library and school districts, submit their annual adopted budgets to the Count Assessor who has the responsibility to set the levy rate that is necessary to meet the adopted budget regardless of assessed values.”

Ohio is the only other state with a revenue-based property tax system.

Those levy rates that property owners pay for are voter approved, and Hara said anywhere from 25 to 45 percent of property taxes can go toward levies, depending on where you live.

To see the breakdown of what your property taxes pay for, visit the Assessor’s eReal Property Search and enter your address. That information, along with a historical look at the changes in valuation and more can be found.

How would annexation change property taxes for North Highline residents?

According to Hara, North Highline property owners would see a “slight differences from what they pay now.” Currently in White Center, property owners pay around $13.25 per thousand dollars in property taxes. If Seattle annexed it would drop to $11.97 and if Burien takes the area on it would go to $12.61.

The final question for Hara came from Chamber President Mark Ufkes, who asked him what commercial property owners in White Center can do to increase the value of their land and buildings?

“For the most part, the amount of business you do (is the largest factor),” Hara said. “Be good business people and encourage more activity and more business here in White Center.”

And, of course, the economy.

“It comes back to jobs,” Hara concluded. “If people have jobs they will spend more money.”