This is an old thread, but since I answered I received my valuation for 2010 taxes. There was a significant decline from 2009--over 10% as I recall.

Patricia-
You're right, this year assessed values "should" start to decrease to match market values. King County homeowners can find out for free in a few seconds if they are eligible for a successful property tax appeal by visiting my website: http://www.valueappeal.com Its free and only takes a few seconds. If you're home is eligible for an appeal we offer a $99 report that gives you the specific comps you need to prove your case to the assessor.

There are a lot of different reasons the assessor will disqualify particular comps from being used in an appeal. ValueAppeal takes those rules into account and filters out any comp that would be disqualified.

For instance, the comps we use all sold PRIOR to the assessment date each year so they can't be disqualified by the assessor on that basis. We also filter out foreclosures, short sales, inherited property, divorce settlement property, etc, that would all be disqualified during an appeal.

We stand by our work. If you are not able to reduce your assessment we refund 100% of your fee. Hope this helps!

My mistake. I didn't bother to search your link, which I assumed was the same as Mark's, which I did search for "3" and "three."

Still, I wouldn't consider "3 years of data" to be a "three year average." And actually, quite frankly, I doubt that they seldom go back three years except for the most unusual properties (e.g. properties over $2,000,000.00). That would be a most unusual appraisal method.

But I guess we'll know if they're still going up next year. if that's the case, than they're going to get killed on assessment hearings (absent a big change in the market the next 3 months), because the statute does not require that they assess an average value of the past three years, it requires a specific date.

Thank you, Ben. Did you find it Kary ; )

Kary, if you actually read the home page of the assessors website, which I specifically linked to, it states right there that it's based on three years of sales.

You're going to need a more specific link. I'm not planning on searching the entire King County website to find a reference to 3 year averages.

RCW 84.40.020 provides in part: "All real property in this state subject to taxation shall be listed and assessed every year, with reference to its value on the first day of January of the year in which it is assessed."

There is nothing about a three year average.

It is possible for the assessor to reassess only once every three years, but I don't think they do that anymore.

Please see the King County assessors link below. Essentially, the assessed value was computed based on the three years preceding Janaury 1, 2008. So, it contemplates values when the marketing was strong, and before market values began to fall this year.

Market values vary by neighborhood. A couple of recent statistice I noticed are that in 2008 year to date, for example, property values have increased 8% on Mercer Island. In Sammamish, property values have dropped around 7% in the $400,000 to $700,000 price range. A lender recently told me, prices below $317,000 have dropped 7%, on the Eastside, so there are a lot of factors to consider when determining value.

I find when people ask me this question, they are usually wondering about their own property value. To determine your own property value, or to search for property, you would be wise to ask a knowledgeable, experieinced Realtor do to a market analysis for your property or for the area in which you are looking. An up to the minute report can be done by most Realtors.

On my own website, http://www.mcknightrealty.com , I have a link to some great market graphs, that are done for many areas.

I keep hearing that 3 year average thing, and I don't think that's correct. First, it's not what the statute says they should do. Second, that would result in a much lower number than what a lot of properties get. Third, maybe I missed it, but I couldn't find any reference to that in the link provided.

My understanding is that one of the parameters that the King County Assesor uses is an average market value over the previous three years. You can get further expanations at this link: http://www.metrokc.gov/Assessor/RealProperty.htm

Well first, the assessment is based on January 1 of each year. January 1, 2008 was higher than January 1, 2007. (As an aside, I don't know why they pick that date since no properties sell on that date, but that's the date they pick.)

Second, it really doesn't matter, unless your valuation goes up more than the average.. The tax rate is determined after they determine the value of all the property. Assuming tax collections go up 1% (e.g. no change in levies), and the averaage valuation goes up 10%, your taxes would go up 1%. Assuming the average valuation goes up 15% and yours goes up 10%, your taxes will go up less than 1%.

Cassie and/or Jeremy is right! The market values will probably be well on their way up by the time your assessed value shows a decrease.

I assume you received your count assessment and this is what you are talking about? King County is about 18 months behind the market on home values, so while the market may seem stagnant, your assessed value is going up. I think you will see less of a dramatic increase value next year and the year following.

Patricia
You can call the assessors office for a detailed explanation of the tax levies on your particular home.
Real estate taxes are limited to an increase of 1% per year by levy but there are other things included in the taxes such as bonds, school district levies etc. I don't know what you mean about more expensive homes paying no taxes at all. Real estate taxes are levied on the assessed value of the home and only in the case of new construction where it takes a year or so for the assessment to catch up to the improvement placed on the land or an old home torn down and a new one built are these homes given a break for a short period of time.
Most of our assessed values fall way below the actual market value of the home so you could see a declining market but a continual increase in the real estate taxes. If you feel your home is being assessed unfairly and is actually below the value today you can appeal the assessment. Also there is a break for senior citizens and they are taxed at a much lower rate.
Hope this helps.