Dear King County Taxpayer,

The King County Department of Assessments has begun mailing out 2008 property valuation notices. These notices indicate the appraised value of property, as of January 1, 2008, for the purpose of 2009 property tax distribution. Property valuations do not determine the amount of overall property tax obligations. Property tax obligations are determined by 160 taxing districts in King County as they create their respective budgets for 2009. Simply put, the “amount” of tax obligation is determined by the taxing districts and the “distribution” of the obligation is determined by property values.

Even with appropriate consideration given to current real estate market conditions and perceptions, taxpayers will generally see value increases when they receive their 2008 value notices. The new assessments, in general, remain below market value as of January 1, 2008.

The real estate market environment in King County indicates that, while the real estate activity level is slowing, sale prices and values were not declining and in typical cases were increasing up until January, 2008. The valuations have been based on three years of sales to mitigate speculation and provide the taxpayer with reasonable assessed values. The result is although most properties will receive a valuation increase in 2008 those values will still be below market value as of January 1, 2008. We will continue to monitor the market carefully.

We invite you to compare the notice you receive to the current market value of your property. By utilizing our eSales Search System you can compare your valuation to recent market sales in your neighborhood and to properties sharing similar characteristics. In most cases you will find the 2008 assessed value of your property is below market value.

We hope this information is useful to you and we invite you to contact us with any additional questions.

Thank You.

King County Department of Assessments

Links:

• Two sides to '07 housing market
• '07 home prices not so bad after all
• 2007 real estate recap: Local home prices were up, sales were way down
• U.S. existing-home sales, prices fall; King County prices rise
• Seattle seen as one of best '08 commercial real-estate markets
• Are Your Property Taxes Going Up? Don’t Blame the Assessor
• HOW DOES WASHINGTON STATE’S PROPERTY TAX SYSTEM COMPARE?
• Keepers of the Faith - Published in Fair & Equitable • June 2007
• 2008 Press Release