Property values rose sharply this year on Kent’s East Hill, with median residential property values up 16.3% in the Kent Meridian area and up 14.7% in the Talbot Hill/East Kent area.
Data, according to the King County Assessor’s Office, 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 King County Assessor John Wilson in a July 8 news release. “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.”
The King County Assessor’s Office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving in Kent area neighborhoods soon.
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.