King County’s property values continue years-long slide; tax bills due

Published 5:30 pm Monday, February 13, 2012

That annual Valentine’s Day present, the 2012 property tax bill, is in the mail.

Payment of property taxes for the first half of 2012 must be postmarked no later than April 30.

While property tax collection countywide is up slightly over 2011 – 1.71 percent, some property owners will see a drop in their property tax bill because of a drop in their property’s value, according to the King County Assessor’s Office.

For example, the assessor’s office points to rural southeast King County, where the tax bill dropped $470 because the median assessed value declined from $304,000 for the 2011 tax roll to $259,000 for the 2012 tax roll.

Property values declined in almost every area in King County for the 2012 tax roll, although the drop is slightly less than the previous year, according to the assessor’s office.

“Bank foreclosures and other distressed sales continue to be a drag on property values overall in King County,” said King County Assessor Lloyd Hara in a press release. “This is driving property values down through most of King County, and is resulting in property tax reductions for some.”

The total assessed value of property in King County was down 3.32 percent in 2011, a slightly smaller decrease than in 2010 when total assessed values declined 3.38 percent, according to the assessor’s office. In 2009, total assessed values dropped 11.61 percent.

The total assessed value of property in King County is $319.5 billion for 2012 taxing purposes (2011 assessment), down from $330.4 billion for 2011 taxing purposes (2010 assessment), and $342 billion for 2010 taxing purposes (2009 assessment).

King County collects and then redistributes the tax dollars to different governments in the county.

Slightly more than half of the overall dollars collected – 53 percent – go to the county’s school districts. Twenty-seven percent goes to local governments, 18 percent to King County and 2 percent to the port district.

Total property tax collections for all purposes in King County will total $3.6 billion in 2012, up 1.71 percent from $3.54 billion in 2011.

The tax collection increase was 3.33 percent in 2011, 1.18 percent in 2010 and 6.16 percent in 2009;  a primary factor in these annual variations is the difference in voter-approved measures from year to year, according to the assessor’s office.

Voter-approved property tax collections – primarily school district levies – were down by 0.72 percent in 2012 over 2011, $1.485 billion in 2012 compared to $1.495 Billion in 2011. New construction accounted for $2.44 billion in new property valuation.

HOW TO PAY TAXES

Homeowners who do not pay their property taxes through a mortgage lender or by mail can pay online. Residents can also pay using check, cash, or by credit card in person at King County Treasury Operations, Room 600, 500 Fourth Ave., Seattle. Payments by check only may be made in person at Blackriver Community Service Center, 919 S.W. Grady Way, Renton. It’s open Mondays and Tuesdays, noon to 7 p.m., but closed between 3:30 p.m. and 4 p.m. and for 15 minutes at 1:45 p.m. and 5:30 p.m.

PROPERTY TAX RELIEF PROGRAMS

Senior Citizens. Call 206-296-3920.

Disabled Persons. Call 206-296-3920.

Current use reduction for Farm and Agriculture or Forest land. Call 206-296-3969.

Current use reduction for Open Space or Timber.  Call 206-205-5170.

Remodeling/home improvement exemption. Call 206-205-0656.

Destroyed property reduction. Call 206-205-9212.

Deferral of Taxes. Call 206-296-3920.

FOR MORE INFORMATION

The number for the King County Assessor is 206-296-7300. For assistance with tax matters, contact the King County Tax Advisor at 206-263-9700.  For questions about your property tax billing statement, contact Treasury Operations at 206-296-0923.