King County Assessor's Office presentation on property values

King County Assessor’s Office

Department of Assessments

Mission of the Assessor’s Office

• Deliver Excellent Customer Service

• Maximize Accountability to the Public

• Ensure Fair, Equitable, and Uniform Property Valuations

Lloyd HaraKing County Assessor

Department of Assessments

What we do each year•Real Property – 700,000 + Parcels

1/6th physically inspected each year

•Personal Property – 52,000 + Accounts•163 Taxing Districts •594 Tax Levy Codes •Valuations are set on Jan 1st

Property Valuations and Taxes Your Local Taxing Districts

Examples: City, King County, School, Port, Fire, Hospital, and etc

King County Assessor’s Office

Assesses 700,000 + residential and commercial properties, along with personal property used in business. Sets levy rate for local jurisdictions and oversees property exemption programs

Property Valuations and Taxes King County Treasury Office

Billing and collection of real and personal property taxes, gambling taxes, and local improvement district assessments

King County Tax Advisor

Provides King County taxpayers advice and assistance on property value related matters including appeals. The Tax Advisor Office is independent of the Assessor’s Office

Property Valuations and Taxes King County Board of Equalization

Independent body organized to adjudicate appeals of various determinations made by certain King County agencies.

Seven citizen members appointed by the King County Executive and confirmed by the King County Council.

60 Days from postmark date on valuation to file an appeal

Beacon Hill

*Physical Inspection2014

Beacon Hill

*Physical Inspection2014

2014 Tax Statement

Your 2014 Tax Statement is based on January 1, 2013 valuation

Valuation Cycle

Valuations are assessed by our appraisers at its full market value using:

• Market (sales)• Cost (replacement)• Income (rental

income)

2014 Valuation Cycle

Physical Inspections and New Construction data can be included until: July 31st

A Common Question

My property value went down, why did my property taxes go up?

Seattle/KC Voter Approved Levies:Renewal of Parks Lid Lift for King County 6 years •18.77 cents per $1,000 of assessed value, ~$56 dollars for the owner of a home valued at $300k

EMS Renewal for King County•6 years $696 million property tax levy

Seattle School District • 3 years $552 million M&O Levy • 6 years $695 million Capital Project Levy

2014 Property Taxes and Fees in King County

Seattle Levies

District Levies2013 Rate

Breakdown2014 Rate

Breakdown Rate ChangeState Schools 2.56720 2.47044 (0.09676)

County-wide levies 1.34166 1.32983 (0.01183)County-wide Transport levy 0.07500 0.07500 0.00000

County bonds (voted) 0.06772 0.05826 (0.00946)County Cons. Futures 0.05613 0.05296 (0.00317)

County Flood Zone 0.13210 0.15369 0.02159 County Ferry District 0.00378 0.00349 (0.00029)

Port 0.23324 0.21533 (0.01791)EMS (voted) 0.30000 0.33500 0.03500

Seattle Levies School District 001 M & O (voted) 1.36405 1.29511 (0.06894)School 001 Const Levy (voted) 0.38492 1.25422 0.86930 School 001 Bond Levy (voted) 0.69855 0.00000 (0.69855)City General Fund 1.90163 1.80126 (0.10037)City GO Bonds (voted) 0.13782 0.13964 0.00182 City Lid Lifts (voted) Low-Income Housing 0.17705 0.16157 (0.01548) Families/Education 0.27712 0.25541 (0.02171) Pike Place Market 0.10684 0.06093 (0.04591) Fire Facilities 0.00000 0.00000 0.00000 Transportation 0.33253 0.30648 (0.02605) Parks/Open Space 0.20727 0.18914 (0.01813) Library Srvs 0.14530 0.13392 (0.01138)TOTAL 10.50991 10.29168 (0.21823)

2013 Seattle Median Valuations: + 9.8%2012 Value based on sales before 1/1/12Median Assessed Value: $348,000.00

2013 Value based on sales before 1/1/13Median Assessed Value: $382,00.00

2014 Seattle Property Taxes: + 7.5%

2013 Tax Rate $10.51 per $1,000 of AV Average Taxes: $3,657.45

2014 Tax Rate $10.29 per $1,000 of AV Average Taxes: $3,931.42 Average Tax Change: 7.5% or ~$273.97

Assessor’s Page

Area Reports

eReal Property

eReal Property

eReal Property

eReal Property – Levy Rate

eReal Property – Historical Report

eReal Property – Sales Report

Senior Property Tax Exemption

Annual Household income of $35,000 or less• Disabled King County residents income of

$35,000 or less can qualify regardless of age

• 61 years of age by December 31 of the previous year

• Veteran with a service-connected disability • Exemption is NOT a LOAN–you DO NOT have to

repay

Senior Property Tax Exemption

eAppeals www.kingcounty.gov/eappeals

Questions?

DEPARTMENT PHONE NUMBER

Assessor’s Office 206-296-7300

Tax Advisor 206-263-9700

Treasury Office 206-296-0923

Board of Equalization 206-296-3496