King County property taxes nudge upward
February 16, 2010
NEW — 11:50 a.m. Feb. 16, 2010
King County property taxes will show a 1.18 percent increase when tax bills start to arrive in mailboxes in the next few weeks, County Assessor Lloyd Hara announced Tuesday.
The overall property tax increase last year was 6.16 percent. The increase in 2008 was 8.18 percent.
The total amount of property taxes for all purposes will total $3.427 billion in 2010 — up $39.9 million from $3.388 billion last year.
From the $39.9 million increase, $20.45 million resulted from new construction in King County — totaling $5.2 billion of assessed value in 2010. Revenue from new construction does not result in a tax increase for existing taxpayers.
Declines in property values results in a decrease of 11.61 percent in growth for the county tax base. Last year, a rise in assessed property values caused the tax base to grow 13.46 percent.
Most levy distribution rates per $1,000 of assessed value across the county have increased due to the decrease in value.
Officials use multiple years of real-estate sales data to determine assessments.