KING COUNTY, Wash. — Property values are skyrocketing in parts of King County, with some new assessments rising by double-digit percentages.
It’s a sign of the hot real estate market, driven by high demand and low supply in the pandemic.
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“Homeowners have just decided to hunker down and not move and that’s meant fewer homes for sale,” said King County Assessor John Wilson.
Those homeowners who are selling are doing well.
Bill Adams is downsizing and just sold the home in Enumclaw he’s had for 36 years.
It went for $560,000, $41,000 over the list price, after getting three offers during four days on the market.
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“I couldn’t believe it. I thought it might sell for the asking price. I never envisioned it going that high,” Adams said.
The county is just beginning to mail out property value assessments, but so far they’re rising most in Southeast King County.
The Enumclaw Plateau is up 21% and Black Diamond is up 22%.
“People are realizing they can work from home so they don’t have to live in the city, they can move a little further out,” said Laura Oellerich of Windermere Real Estate in Enumclaw.
Values are up 13% in Skyway, 15.5% in East Auburn and just over 18% in Woodinville and Duvall.
The county is still calculating Seattle property values.
Wilson predicts they’ll rise, but only in the single-digits.
So, what does this mean for property taxes?
“If values have gone up, it doesn’t necessarily mean your taxes have gone up because it might mean the rate you’re being charged for a particular thing goes down,” Wilson said.
Once a homeowner receives a valuation notice, they have 60 days to appeal to the county.
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