Seattle Times | Heidi Groover
The King County Assessor’s Office has begun sending out property valuation notices for this year, which will be used to set next year’s property taxes.
However, because of the way Washington calculates property taxes, a spike in property values doesn’t always mean an equivalent spike in property taxes. Instead, new levies and tax measures have a more dramatic effect on tax bills, according to the assessor’s office. This year, for example, property owners in several areas of South King County saw double-digit tax increases in part due to voter-approved levies.
This year’s rising values are driven by the area’s hot housing market, where high demand and low supply are driving bidding wars and high prices.