Property Tax Assessments in the Seattle-Metro Area

Posted by sonnykwan

July 29, 2008

Did You Know?

In Seattle, Washington, property taxes account for 30 percent of tax revenues for the entire state. A large percentage of these tax revenues go toward educating our community’s young people. In addition, our police, fire, libraries, and parks and recreation are funded with this money. Each year at this time, Seattle, Washington homeowners receive their annual property tax assessment. Though many of us greet these statements with some trepidation, the assessment presents a perfect opportunity to think about your home’s value, and the value it brings to the community.

By keeping school levies, community improvements, and public services in mind, you’ll have a greater sense of where your hard-earned money is going.

How Do They Determine Values?

Property value is assessed annually using one of several methods: using a market sales comparison, determining the cost of replacing the structure with one that would serve the same purpose, or figuring out the income-producing potential of the property. Once a property’s value is determined, special levies and district taxing policies are factored in to create your assessment.

Disputing Your Assessment

If you disagree with the value your local assessor has placed on your house, you are entitled to an appeal. First, be sure to check for appeal deadlines. Next, fill out your dispute forms as accurately and completely as possible. Keep in mind: you may be asked to attend a formal hearing. Don’t fret—50% of appeals are successful.

Your Tax Assessment

Now that you have an idea of your Seattle - Metro home’s monetary value, it’s the perfect time to evaluate your options. Are you thinking of moving to a new neighborhood? Maybe you’ve decided that you want to downsize. Let’s work together to map out a successful property marketing and price strategy plan. I’d be happy to discuss a comparative market analysis of your home.