king county assessor's office presentation on property values
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King County Assessor’s Office
Department of Assessments
Mission of the Assessor’s Office
• Deliver Excellent Customer Service
• Maximize Accountability to the Public
• Ensure Fair, Equitable, and Uniform Property Valuations
Lloyd HaraKing County Assessor
Department of Assessments
What we do each year•Real Property – 700,000 + Parcels
1/6th physically inspected each year
•Personal Property – 52,000 + Accounts•163 Taxing Districts •594 Tax Levy Codes •Valuations are set on Jan 1st
Property Valuations and Taxes Your Local Taxing Districts
Examples: City, King County, School, Port, Fire, Hospital, and etc
King County Assessor’s Office
Assesses 700,000 + residential and commercial properties, along with personal property used in business. Sets levy rate for local jurisdictions and oversees property exemption programs
Property Valuations and Taxes King County Treasury Office
Billing and collection of real and personal property taxes, gambling taxes, and local improvement district assessments
King County Tax Advisor
Provides King County taxpayers advice and assistance on property value related matters including appeals. The Tax Advisor Office is independent of the Assessor’s Office
Property Valuations and Taxes King County Board of Equalization
Independent body organized to adjudicate appeals of various determinations made by certain King County agencies.
Seven citizen members appointed by the King County Executive and confirmed by the King County Council.
60 Days from postmark date on valuation to file an appeal
Beacon Hill
*Physical Inspection2014
Beacon Hill
*Physical Inspection2014
2014 Tax Statement
Your 2014 Tax Statement is based on January 1, 2013 valuation
Valuation Cycle
Valuations are assessed by our appraisers at its full market value using:
• Market (sales)• Cost (replacement)• Income (rental
income)
2014 Valuation Cycle
Physical Inspections and New Construction data can be included until: July 31st
A Common Question
My property value went down, why did my property taxes go up?
Seattle/KC Voter Approved Levies:Renewal of Parks Lid Lift for King County 6 years •18.77 cents per $1,000 of assessed value, ~$56 dollars for the owner of a home valued at $300k
EMS Renewal for King County•6 years $696 million property tax levy
Seattle School District • 3 years $552 million M&O Levy • 6 years $695 million Capital Project Levy
2014 Property Taxes and Fees in King County
Seattle Levies
District Levies2013 Rate
Breakdown2014 Rate
Breakdown Rate ChangeState Schools 2.56720 2.47044 (0.09676)
County-wide levies 1.34166 1.32983 (0.01183)County-wide Transport levy 0.07500 0.07500 0.00000
County bonds (voted) 0.06772 0.05826 (0.00946)County Cons. Futures 0.05613 0.05296 (0.00317)
County Flood Zone 0.13210 0.15369 0.02159 County Ferry District 0.00378 0.00349 (0.00029)
Port 0.23324 0.21533 (0.01791)EMS (voted) 0.30000 0.33500 0.03500
Seattle Levies School District 001 M & O (voted) 1.36405 1.29511 (0.06894)School 001 Const Levy (voted) 0.38492 1.25422 0.86930 School 001 Bond Levy (voted) 0.69855 0.00000 (0.69855)City General Fund 1.90163 1.80126 (0.10037)City GO Bonds (voted) 0.13782 0.13964 0.00182 City Lid Lifts (voted) Low-Income Housing 0.17705 0.16157 (0.01548) Families/Education 0.27712 0.25541 (0.02171) Pike Place Market 0.10684 0.06093 (0.04591) Fire Facilities 0.00000 0.00000 0.00000 Transportation 0.33253 0.30648 (0.02605) Parks/Open Space 0.20727 0.18914 (0.01813) Library Srvs 0.14530 0.13392 (0.01138)TOTAL 10.50991 10.29168 (0.21823)
2013 Seattle Median Valuations: + 9.8%2012 Value based on sales before 1/1/12Median Assessed Value: $348,000.00
2013 Value based on sales before 1/1/13Median Assessed Value: $382,00.00
2014 Seattle Property Taxes: + 7.5%
2013 Tax Rate $10.51 per $1,000 of AV Average Taxes: $3,657.45
2014 Tax Rate $10.29 per $1,000 of AV Average Taxes: $3,931.42 Average Tax Change: 7.5% or ~$273.97
Assessor’s Page
Area Reports
eReal Property
eReal Property
eReal Property
eReal Property – Levy Rate
eReal Property – Historical Report
eReal Property – Sales Report
Senior Property Tax Exemption
Annual Household income of $35,000 or less• Disabled King County residents income of
$35,000 or less can qualify regardless of age
• 61 years of age by December 31 of the previous year
• Veteran with a service-connected disability • Exemption is NOT a LOAN–you DO NOT have to
repay
Senior Property Tax Exemption
eAppeals www.kingcounty.gov/eappeals
Questions?
DEPARTMENT PHONE NUMBER
Assessor’s Office 206-296-7300
Tax Advisor 206-263-9700
Treasury Office 206-296-0923
Board of Equalization 206-296-3496
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