Hi, Richard,

You need to consult with a local Realtor who is experienced and has a "commercial properties" designation. Cities ruin (or improve) property values by blanketing an area with a new zoning. If the new uses allowed would be feasible for your lot, then the rezoning might be an asset. If not, and you get a higher tax bill because of it, then that's another story. An expert in the business should have good advice for you.

Good Luck,
Jean Bradford
Associate Broker, ABR, GRI, CRS, CRB

Richard
I would recommend consulting with a Realtor that works in that area. Real estate is a local business, and advice some people that do not know both your property and the local market is probably not going to be helpful.

You mention at 60% increase in property taxes. The King County Assessor can only make the assessment if he has comparable properties that support that valuation. I would ask the Assessor's office (assuming that is where the "60%" number cam from) and ask them for their documentation.

However, it is likely they will not have it, so that is where your Realtor comes in. They can find comparable properties with that zoning that have sold in that area.

I think for the most part the previous posts address the idea that any gain in value is speculative. Until you have a buyer ready to pay and close escrow, any valuation is an estimate or a guess.

As communities develop changes in zoning are the key way to proceed. You might also want to talk with the planning department of the community that has jurisdiction and ask to see their development plan.


For example, if you have an R1 lot with a single family home that is adjacent to a Commercial area, then one might assume that in the future the R! lots in that area may in fact see a Zoning change to accommodate the growth of the commercial district.

Hope this is helpful. If you need a referral for a local top agent , you can contact me via my Trulia profile and I can refer one to you.

Richard,
It seems to me that the rezoning may have a negative impact to your property's value (not tax assessment) over time. Assuming you own a single-family residential structure there may come a day when you are at odds with the general property use in your area. The more the balance tips away from your type of residence, the likely buyers will perceive your home to be less attractive. One exception may be builders or developers who can transition your property into a 'best use' practice under the new zoning. And the earlier you get on that band wagon the better you might do though the current market may suppress your a top dollar offer untill the Buyer's Market is over.

I'm going to guess that there must have been some sort of public notice or review period about the rezoning. It was during this period that you would have made your concerns or objections known. If the rezoning has already occured then you have an uphill battle to change it back. I would suggest speaking with a realtor who has lots of experience working with builders/developers. Minimally, they can tell you how desirable your property might be to that type of buyer. I would also seek a second opinion regarding your home's current value. Most importantly, remember that tax assessment values and market value are two very different things.

Good luck.

Zoning by itself will not have a huge impact on your home value. It must be coupled with market demand for the type of project that zoning supports. Depending on when you sell there may or may not be any investors in the market for a small commercial project. You should research exactly what this zoning allows and see how your property and home would fit. Determine if it's likely that the existing structure could be utilitzed effectively. If not, how much land do you have that could be redeveloped. If your lot is small then this rezone might not give you that much more value. Rezoning doesn't just happen for no reason. Something is going on around you or is in the planning stages. Go to the Planning Department and find out. You'll need a lot more facts to determine the impact of a zoning change.

If you could envision your home being redeveloped to a commercial use, I wouldn't fight the rezone. Your value will increase. However, it's a speculative increase.