Message from the King County Department of Assessments
May 28, 2009
Dear King County Taxpayer,
The King County Department of Assessments will be mailing out 2009 property value notices over the next few months. These notices indicate the appraised value of property, as of January 1, 2009, for the purpose of 2010 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 2010 and are not determined nor set by the Assessor. Simply put, the "amount" of tax obligation is determined by the taxing districts and the "distribution" of the obligation is determined by property values.
Homeowners will see a reduction in assessed value: The real estate market in King County has shifted dramatically in the past year. Historically, the Department of Assessments has taken a conservative approach when assigning values. In rising markets, this was accomplished by using two or three prior years of sales in the analysis and not trending the prices upward to the latest market-levels. This approach removed speculative value and market spikes, resulting in a conservative valuation level.
In the recent declining market, this approach was not an option. Instead, sales occurring prior to January 2009 were adjusted downward for use in the analysis process. An additional downward adjustment was warranted to account for lack of sales and the influence of distressed sales on the housing market. Most homeowners will see a significant reduction in the assessed value of their home.
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. Information regarding exemptions and appeals can be found on this website and the value notice.
We hope this information is useful to you and we invite you to contact us with any additional questions.
