Redmond's County Property Taxes Up 1.8%

King County Tax Assessor John Wilson

On May 3rd, Mr. John Wilson, King County Tax Assessor, gave Council and Mayor an informational presentation on how the global pandemic affected county real estate taxes. 

Redmond is doing really well.  Our taxes increased only 1.8% from the previous year, whereas taxes were up countywide by 4%.  The average increase on an average home in Redmond is $140.00. 

The County is also doing well.  County revenue  was up by $256,000 compared to the year before.  Where do these fund go?  57% of the revenue is allocated to County schools, K-12.  The City of Redmond gets 15% of the tax revenue.  King County receives 17%.  EveregreenHealth public hospital, the County libraries and other smaller entities get the remainder.

Be prepared for rising King County taxes next year.  As you know, residential housing prices have exploded upwards. Pandemic real estate values (and taxes) will not go down according according to Mr. Wilson.  

What about the Seniors...they're in a pinch.  There's been a 300% increase in applications over the previous year for senior exemptions.  To qualify for an exemption you must be:  1)  61 years of age or on social security disability or V.A. disability. 2) $40,000-58,000 income.  Based on the median SFH price of $600,000 an applicant could save up to $43,000.

-- Reported by Bob Yoder, 5/3/2021