Information from King County

The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving soon in many areas.  Median residential property values fell by 5.4% in Western West Seattle, and by 5.9% in Fauntleroy.

2023 property values continued to be dramatically affected by the COVID 19 pandemic. After reaching all-time highs in quarter 2 of 2022 due to a lack of inventory for sale, residential property values corrected downwards throughout King County.  

“COVID changed our lives, and it continues to impact the real estate market,“ said King County Assessor John Wilson. “In 2020 and 2021, residential prices and values went through the roof because people chose to not put homes on the market, causing a major imbalance between supply and demand. The housing market is still very healthy, but it cooled considerably in 2022, bringing values down a bit.” 

It is important to remember that voter approve levies have more impact on property tax increase than do changes in home values.   

The total amount of property tax collected is derived from the budgets passed by state, county, and local governments, and by locally approved levies.  The value of each property determines proportionally how much each taxpayer will pay of that total amount.  

Each year, County Assessors set values on every commercial and residential property value in the state. These values – set effective as of January 1 by state law – are then applied to the next year’s tax bill.  Property values are being set as of January 1, 2023, for taxes due in 2024.