Property values in select cities in East King County have skyrocketed, leading King County Assessor John Wilson to warn homeowners about noticeable increases in property taxes.
Property values in select cities in East King County have skyrocketed, leading“When I saw the initial numbers, it was frankly just breathtaking, you know? And I actually told our team, are you sure? Go back and crunch them again,” Wilson said on the. “And no, it’s unprecedented. And the amazing thing, this time, is it’s not just here in King County. We’re higher and it’s more extreme here, but I talked to other assessors around the state. It’s happening all over.
“Elsewhere around the county, you’ve got in the city of Seattle, things are up just under 20%, Mercer Island 36%. Federal Way 26% It’s all over the place,” Wilson said. “Washington’s one of only about 10 states that doesn’t have a so-called homestead exemption, where you give a percentage of value right off the top to homeowners,” Wilson said. “We need that and we need it now.
There’s concern about whether the appraised values will go up as high as the market values, or if there is a system in place to put a cap on the appraisals.
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