Stock photo, Metro Creative Graphics

Stock photo, Metro Creative Graphics

Property values drop in Kent, Renton, Auburn neighborhoods

King County assessor reports declines in Benson Hill, Panther Lake, Lea Hill areas

Property values dropped dramatically in several Kent, Renton and Auburn neighborhoods, according to the King County Assessor’s Office.

Median residential property values fell by 9.5% in Benson Hill/Panther Lake, and by 18.8% on Lea Hill, according to a Sept. 14 news release from the Assessor’s Office, which is wrapping up the annual process of mailing property valuation notices to taxpayers. The office releases values in certain areas as those valuation notices are mailed.

Benson Hill is primarily in Renton. Panther Lake is in Kent. Lea Hill is mainly in Auburn, with a portion of it in Kent.

Property values in 2023 continued to be dramatically affected by the COVID-19 pandemic, according to the news release. After reaching all-time highs in the second quarter of 2022 due to a lack of inventory for sale, residential property values corrected downwards throughout King County. This trend was especially pronounced in eastside communities.

“COVID changed our lives, and it continues to impact the real estate market,“ said King County Assessor John Wilson. “In 2020 and 2021, residential prices and values went through the roof because people chose to not put homes on the market, causing a major imbalance between supply and demand. The housing market is still very healthy, but it cooled considerably in 2022, bringing values down a bit.”

It is important to remember that voter-approve levies have more impact on property tax increase than do changes in home values, according to the news release.

The total amount of property tax collected is derived from the budgets passed by state, county and local governments, and by locally approved levies. The value of each property determines proportionally how much each taxpayer will pay of that total amount.

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, 2023, for taxes due in 2024.

Talk to us

Please share your story tips by emailing

To share your opinion for publication, submit a letter through our website Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.

More in News

Police bust mother, daughter in Kent for retail crime spree

Two reportedly joined one other woman in 3-state crime ring taking women’s clothing from Lululemon

Reith Road in Kent to get two new roundabouts this year

City Council approves $4.28 million bid; project to start in late May or early June

Puget Sound Fire’s Teddy Bear Clinic set for May 18 in Kent

Annual event provides free checkups for teddy bears and children

Overturned military vehicle causes I-5 backup near Kent, Federal Way

Wednesday, April 10 in northbound lanes near South 272nd Street

Kent Police Blotter: March 26 to April 7

Incidents include robberies, burglaries, shooting

State Patrol seek witnesses to I-5 hit-and-run crash in Kent

Collision at about 11:30 p.m. Monday, April 8 along northbound I-5 near State Route 516

Riverbend Golf Complex in Kent turns profit for 2nd consecutive year

City-owned facility brings in about $600,000 in 2023

Kent Police recovered nearly 800 catalytic converters in a 2021 bust. File photo
New state legislation fights catalytic converter theft

Governor Jay Inslee signed a bill on March 26 adding new regulations… Continue reading

Firefighting Diversity & Recruitment Workshop set for May 11 in Kent

Event designed to help potential candidates get jobs

Kentwood High grad’s legacy of love lives on through organ donation

Madeline Goldsmith one of 344 organ donors honored by Gov. Jay Inslee in Olympia

Flowers, framed photos, plush toys and a QR code to the GoFundMe pages of the families grace the memorial site after the March 19 crash. Photo by Bailey Jo Josie/Sound Publishing.
Judge, lawyers debate low bail for Kent driver in fatal Renton crash

Judge explains reduction from $1 million to $100,000, which was posted by family of Chase Jones

Prosecutors prepare to take over 2021 fatal police shooting case

Valley SWAT shot man in response to 2021 Algona incident