Property values rose in neighborhoods south of downtown during 2020; Taxes going up
information from King County
The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving in many south Seattle neighborhoods soon. Median residential property values rose by 10.9% in the Delridge/Georgetown/South Park area, and by 11% in the High Point/ Highland Park/Westwood area.
Each year, County Assessors set values on every commercial and residential property value in the state. These values – set effective as of January 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of January 1, 2021, for taxes due in 2022.
Data indicates that home sale prices and overall home values have risen sharply in most King Count neighborhoods, despite the economic impacts of the COVID-19 pandemic.
“No one knew what to expect a little over a year ago when this public health emergency began,” said Assessor John Wilson. “Now it is clear that a primary impact on property values has been caused by homeowners not wanting to sell at this time, leading to reduced supply and big price and value increases.”