Tuesday, February 16, 2016
Initiatives approved by voters last year will increase King County property taxes in 2016, which will result in additional investments in early childhood development, and emergency services. The majority of property tax revenue – nearly 53 percent – will pay for schools.
The amount of revenue growth at local governments, meanwhile, is capped at 1 percent except for revenue from new construction.
King County Treasury collects property taxes on behalf of the state, cities, and taxing districts, and then distributes the revenue to local governments.
King County property tax bills were mailed February 12.
In some parts of King County, as much as 50 percent of 2016 property taxes are a result of voter-approved measures. These are typically school, fire, and other levies or bonds. New levies approved in 2015 include:
- Best Starts for Kids to invest in prevention and early intervention services to improve the health and well-being of children, youth and families across King County.
- Creating the Puget Sound Emergency Radio Network to provide local emergency responders with more modern and reliable communication tools.
While individual property taxes vary depending upon location, property taxes went up 9.35 percent at the aggregate level. Countywide, property tax billings will be $4.5 billion in 2016, up from $4.1 billion from last year. It’s the primary funding source for schools, public safety, parks and libraries.
The amount of revenue growth at local governments is capped at 1 percent except for revenue from new construction.
About 19 cents of every property tax dollar supports services provided by King County government, while 18 cents goes to local cities.
Property owners can find tax levy rates and more property related information by visiting eReal Property Search on the King County Assessor’s website or by calling 206-296-7300.
Residential and commercial property in King County is assessed each year at its fair market value. For residential parcels, fair market value is determined by analyzing recent sales of comparable properties in the same area.
“The effects of King County’s growing economy and hot real estate market are not felt the same in all parts of the county,” said Assessor Wilson.
“While property values increased significantly in some Seattle neighborhoods, property owners in Northeastern and Southeastern King County saw much smaller increases.”
To avoid interest and penalties, the first half property taxes must be paid or postmarked by May 2nd, 2016. The second half property taxes must be paid or postmarked by Oct. 31, 2016.
Property taxes are usually included in mortgage payments.
- Pay your property taxes online
- How to appeal the assessed value of your property
- Get your property valuation electronically