About a month ago I received a notice from the King County assessor informing me that my home had been assessed for $40,000 more than it was valued at last year. And of course I'm thinking, that's fine and dandy, but it also means that my property tax bill is gonna be that much higher next year...Guess I know where my stimulus package is going.
Currently in Seattle, it seems as though taxes are going up much faster than home values, which is causing a great deal of financial stress for many people in the area. The Seattle Times recently reported on a couple, Pamela and Michael Nugent, whose Renton home assessment jumped 43% from last year, while home prices in their area dropped 9%. Like many other retirees on a fixed income they are uncertain as to how they are going to make ends meat as taxes continue to increase.
If home valuations keep rising as they are, the foreclosure rate in our state could rise even higher, as people are unable to pay their taxes and forced out of their homes. It's a scarey thought. And it begs the question -- how can assessed values go up in a declining market? Well, according to the Seattle Times article, by Keith Ervin, it's because the 2008 valuations represent home values as of Jan. 1, 2008. That value was calculated by looking at prices paid for nearby properties over the prior 3 years, which won't reflect falling prices this year. Hmmm...so by that account, we won't see any tax relief for a long time down the line. Does this seem highly unfair to anyone else?!
King county home owners do have the option to appeal their tax assessments, but all appeals must be submitted within 60 days of when your home valuation was mailed to you. And even then, there's no guarantee that your appeal will be granted.
If you have questions about the assessed value of your home you can call the King County Assessor at (206) 296-7300 or go online: www.metrokc.gov/Assessor/
Currently in Seattle, it seems as though taxes are going up much faster than home values, which is causing a great deal of financial stress for many people in the area. The Seattle Times recently reported on a couple, Pamela and Michael Nugent, whose Renton home assessment jumped 43% from last year, while home prices in their area dropped 9%. Like many other retirees on a fixed income they are uncertain as to how they are going to make ends meat as taxes continue to increase.
If home valuations keep rising as they are, the foreclosure rate in our state could rise even higher, as people are unable to pay their taxes and forced out of their homes. It's a scarey thought. And it begs the question -- how can assessed values go up in a declining market? Well, according to the Seattle Times article, by Keith Ervin, it's because the 2008 valuations represent home values as of Jan. 1, 2008. That value was calculated by looking at prices paid for nearby properties over the prior 3 years, which won't reflect falling prices this year. Hmmm...so by that account, we won't see any tax relief for a long time down the line. Does this seem highly unfair to anyone else?!
King county home owners do have the option to appeal their tax assessments, but all appeals must be submitted within 60 days of when your home valuation was mailed to you. And even then, there's no guarantee that your appeal will be granted.
If you have questions about the assessed value of your home you can call the King County Assessor at (206) 296-7300 or go online: www.metrokc.gov/Assessor/
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