Property Taxes Rise in 2009 in King County in Spite of Declining Home Values

Property taxes are always irritating. Homeowners (myself included) hate to pay them. Doesn’t it always feel like we’re being picked-on by the school-yard bully? And yet, because of voter approved increases and the fact that schools, police, fire departments and other public services are funded through this tax, they are a necessary evil. Truly, I don’t mind being taxed when I know my schools are being funded (even though I have no children) or, if my neighbor’s house is on fire, the fire department will come to the rescue!

So, house values here in Kenmore, WA are down 9% since last year. So shouldn’t my property taxes go down? Not this year I’m afraid:

Here’s what Rich Medved, chief deputy to the King County assessor had to say about the property tax assessments for 2009: “there’s still no correlation between property value and tax bills.”

In today’s Seattle Times article entitled “King County property taxes to rise 6.16 percent overall” the County explained why, in spite of falling home prices (values?), property taxes will be rising this year. Basically, property taxes are calculated from assessed home values from the previous January. Also, according to the article:

“In King County, the costs of state and local government determine how much property tax will be levied. These include operating costs of schools, city and county government and other taxing districts such as the Port of Seattle, library, hospital, fire and sewer districts.

A large chunk of each property-tax dollar goes to pay off bonds for such capital costs as school buildings and other public projects.”

This is just another shot of economic reality for home owners and residents of the Seattle/King County area. Times are, indeed, tough. For those of you who want more information regarding the county’s process or have questions for the Assessor’s office, you can go to: http://www.kingcounty.gov/Assessor.aspx