Median residential property values in the Panther Lake area of Kent and Benson Hill area of Renton rose by 17.8% during 2020.
The King County Assessor’s Office is in the process of mailing annual property valuation notices to taxpayers. Notices to property owners will be arriving soon in many neighborhoods, according to a July 29 Assessor’s Office news release.
Each year, county assessors set values on every commercial and residential property value in the state. These values – set effective as of Jan. 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of Jan. 1, 2021, for taxes due in 2022.
Data indicates that home sale prices and overall home values have risen sharply in most King County 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.”