Property values are up 5.6% in the Fairwood area, 3% in Kentridge and 1.8% in Benson Hill/Panther Lake, according to the King County Assessor’s Office.
The assessor’s office has begun the annual process of mailing out revaluation notices to taxpayers. Notices will be arriving in Kentridge, Benson Hill/Panther Lake and Fairwood soon. Some of the properties are in Kent and others are in Renton.
Each year, county assessors appraise every commercial and residential parcel 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 on Jan. 1, 2020, for taxes due in 2021.
Data indicates that home sale prices and overall home values have been relatively flat in the aggregate compared to last year. As always, values vary from city to city and neighborhood to neighborhood – some are up, and some are down. One significant factor in residential home values in King County is the increase in values in suburbs around Seattle, especially in the south end.
The assessor has been monitoring the economic impacts of the COVID-19 pandemic. While housing values have remained relatively steady so far, some commercial sectors have had their values severely impacted. These changes in value will be reflected in the 2021 assessed value for taxes payable in 2022.
“While home values did not rise significantly countywide, some areas, such as Auburn and Kent are seeing a lot of demand and therefore increases in value, as more and more buyers are being priced out of Seattle and the eastside,” said King County Assessor John Wilson in a July 6 news release.
Taxpayers on the West Hill of Kent will receive revaluation notices soon, according to the assessor’s office. Other areas of Kent will receive notices at a date to be determined.
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