April 26th, 2011 8:44 AM by Sam Kader
Increasing property values around the state has caused quite a confusion for first-time homeowners when they were notified by their lenders that their mortgage payment will go up. The main culprit is property taxes for their homes have gone up since last time. Home values are determined each year by appraisers who analyze up to 1,000 sales in the same area. Properties are physically inspected once every six years assessing any buildings and the value of the land. The Assessor's Office averages sales over the previous three years so values tend to lag behind the market by at least one year. So, property values for tax valuation on Jan 1 of the current year is generally due for property taxes payable in the following year. Notices are usually mailed out in June through September for homeowners in Snohomish and King counties. You have the right to appeal within 60 days of receiving those notices. Please visit King County , Snohomish County , Kitsap County, and Pierce County.
The King County Assessor's office recently introduced a new website to let residents search for their value by address (do not use . after abbreviated terms like "Ave" or "S"). They can look at all the information tax assessors used to value their home including the square footage to improvements to comparable homes in the neighborhood. Interested in knowing what your property is worth?
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