The King County Assessor’s Office has begun the annual process of mailing valuation notices to over 700,000 property owners.
Notices will be arriving to homeowners in Kenmore over the next week. In most areas of the county, property values are up again this year. Higher valuations, however, do not necessarily translate into higher property taxes, said Assessor John Wilson.
“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,” said Wilson in a press release. “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 continues to encourage property owners to sign up to receive their annual property valuation notice via email instead of through the USPS. This electronic valuation notice program is convenient for property owners, will save money for the Department of Assessments, and is environmentally friendly. To sign up, go to kingcounty.gov/assessor and click on the Go Paperless window for details. Paperless notifications saves taxpayer dollars in staff time, materials and postage.
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 receipt of the 2018 valuation notice. Details are available at www.kingcounty.gov/assessor, and at the BOE at http://www.kingcounty.gov/independent/board-of-appeals/about.aspx.
State law requires each county assessor to revalue property annually, and to conduct an on-site physical inspection of each property at least once during every six year cycle. Property values are determined by accredited appraisers who assess property based on comparable sales, and various attributes of a particular property.