UPDATED: King County Lowers Assessed Values / LWSD Planning $621.4 M Levy

 Good news is the King County Assessor is lowering assessed values in 2024 by ~20%.  Bad news is there could be a rush by local governments and agencies to float Bond and Levy measures this year.  

Case in point:  EvergreenHealth is planning a Bond measure to increase much needed beds. 

LWSD is planning a 2024 $621.4 million levy measure for school construction needs. These needs include both adding new student space and replacing aging facilities. This levy provides funding to build critical classroom space across our district and addresses aging schools:

Elementary Schools: Rebuild and expand Alcott Elementary and Smith Elementary, Add a new elementary school in Lake Washington area. Middle School: Rebuild or expand Kamiakin Middle School.  High School:  Build a fifth comprehensive high school.  Other:  Refurbish Juanita fieldhouse/pool, Add space for early learning. High School: Build a fifth comprehensive high school.  Other:  Refurbish Juanita fieldhouse/pool.

King County Assessor Lanches "Taxparency Tool" for April Ballot Measures

  

King County Tax Assessor  John Wilson

 

King County Assessor John Wilson today released his April 2023 general election Taxpayer Transparency Tool, a website which provides each King County taxpayer an individualized accounting of where their property tax dollars go, and the estimated cost of any proposed property tax measure to be voted on.   

All voters in King County will be asked to vote on a new levy to fund mental health and substance use disorder services. 

“Taxpayers have a right to know where their money is going, and what each proposed property tax levy will cost them,” said Wilson.  “Property taxes keep going up.  We need to make sure the public understands why.”

 

Property Tax Measures on the April Ballot: 

COUNTYWIDE: King County Prop 1:  Crisis Care Centers Levy; mental health and substance use disorder services. 

Contact:  Assessor John Wilson 206-369-7677 

Al Dams, Chief Deputy Assessor 206-263-2255  

ELECTION SPECIAL - The Painful Facts of 2022 Taxes

 

King County Tax Assessor John Wilson

City of Redmond, Proposition No. 1

Police and Fire Safety Levy

Body Worn Cameras

City of Redmond, Vote "Yes" on Proposition 1

King County Proposition No. 1

Conservation Futures

King County Property Taxes -- The Painful Facts

Statements and Opinion by Bob Yoder

10/29/2022

UPDATED: The Painful Facts

NO STORYTELLING, JUST THE PAINFUL FACTS

My 8500 s.f. house (1977) surrounded by 3 schools and 3 parks  

Appraised value:  $1,221,000

2022 appraised $855,000  x 8.58 (rate)  = $7,358/year

2023 appraised $1,221,000 x 8.58 (assumed rate) = $10,476/year

Approximate 30% or $3118/ annual increase. 😓

DON'T FORGET THE LWSD CAPITAL LEVY

Building with Excellence Construction Levy

This $295 million, 6-year levy was approved early 2022 

with collections starting January, 2023.  

The levy rate is .5/$1,000 assessed value.

Based on my home's appraised value my new tax is $610/year.  

Good news:  It's paying off the old bonds so the construction rate will decrease over time.

SOUND TRANSIT (ST-3)

Just a reminder we pay about $1,000/year any which way you look at it.

A few charges:

Based on .25/$1000 my net increase over 2022 is $92.00/year

Car tabs:  $110/vehicle valued at $10,000; thus a $60000 Tesla tab is $660/year

Used cars are appreciating so $15,000 Camry could be valued at $20,000, a $220 tab.

Don't forget we're also paying $330/yr for ST-2. 

OTHER PROPERTY TAX AGENCIES 

State School Part One

State School Two

Local school support

City of Redmond

County

Port

Hospital

Library

EMS

 CITY OF REDMOND SAFETY LEVY, if passed

 $10,400,000, 6-year levy

.34/$1000 assessed value

If passed, my annual property taxes with increase $415.14 per year

On the ballot

CRISIS CARE CENTERS LEVY

Planning Ahead

5 new regional crisis care facilities, one for serving youth.

14.5 cents per $1,000 assessed value or $177/ year starting 2023.

The King County Property Tax rate of 8.58 may increase in 2023. 

Tax Transparency Tool: Estimate the impact of proposed taxes on your property

Assembled and posted by Bob Yoder, 10/22/2022

King County Property Taxes Rise At 'Unprecedented' Rates; 2023Tax Hikes Likely

Property Value Data Released 5/13/2022

 "King county hasn’t yet determined next year’s 2023 property tax bills, but the hottest local housing markets are likely to see “a double-digit increase,” said King County Assessor John Wilson."

"The local market has taken off since early in the pandemic, spurred by a combination of few houses for sale, a flood of buyers taking advantage of low mortgage-interest rates, and a continuing influx of highly paid workers with stock options. That has driven up home prices across the region and worsened housing affordability. The median sale price for a single-family house in King County hit nearly $1 million last month."

-- By Heidi Grover, Seattle Times business reporter, 5/13/2022 (excerpted, edited)

King County Tax Increase Proposed To Preserve 65,000 Acres

The price of preserving 65,000 acres of natural lands, trails, farmlands, and urban green space in King County averages $22.00/year/ $700,000 assessed property. 
Photo, Seattle Times, 5/19/2022

Tax will also restore full funding of Conservation Futures
West Seattle Blog, May 19, 2022

OPINION:  King County proposed property tax increase ‘tone deaf’ against incredibly high cost of living facing families. 

King County Councilmember Reagan Dunn on Thursday issued the following statement in response to a proposal from Executive Dow Constantine that would raise property taxes across King County:

“We cannot again raise taxes on King County residents who are already struggling to make ends meet. A new property tax in particular would raise costs for homeowners and renters alike, even as so many are more vulnerable than ever to losing their housing. Meanwhile, every King County resident is already feeling the financial pain of record-level inflation and the massive rise in gas prices — and there are many economic unknowns on the horizon including the significant risk of a recession. To add to this mounting list of financial burdens at this time is tone deaf.”

-- Press Release, May, 2022

City Replaces Idylwood Park Dock, Designs New Restroom, Concession, And Activity Building

This drawing is a concept for the Idylwood Park new restroom, concession, and activity building, which could also include outdoor seating and would be scaled and designed to fit the site.

In the 2004 Park Opportunity Plan, the community identified the following important projects in that plan that have yet to be completed and "may be funded by this levy"  (what levy?) 

• Renovate the existing concession and restroom building and explore the feasibility of a water activity building within the park (i.e.; programmable space and/or meeting space, boat storage, maintenance support area, deck or patio).
• Increase on-site parking to 80-90 spaces and manage parking lot surface drainage to enhance water quality. Provide access to “car top” non-motorized boat launch area.
• Reinforce the pedestrian crossing at 177th Ave NE and West Lake Sammamish Parkway.

More than 20 years later, these facilities are now in dire need of replacement. The concession and restroom building replacement is a necessary structural and safety improvement and an opportunity to consider inclusion of water activity amenities in the building. 

The Idylwood Park dock will be replaced with aluminum materials.  Improvements include a non-slip surface, ADA compliant handrails for fishing activities, and a new swim ladder. The new dock replaces the original structure built in the 1970’s.

Idylwood Park is regional and enjoyed by 42,000 visitors during the summer.  I'd like the City to identify users outside of our jurisdiction, charge a fee, to make room for Redmondites and contribute to maintenance. This is a free beach and attracts many outsiders, yet we pay the levy.  B. Yoder

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

"Transportation Benefit District" Under Consideration

Seattle has a Transportation Benefit District

COO Malisa Files introduced the Transportation Benefit (taxing) District concept to Council during their Tuesday, March 23 meeting. The District would lie within the boundaries of the City.  Vehicle licensing fees of up to $100 and sales tax up to .02% on $100 purchases would be collected.  Council would oversee the District and make funding decisions.  The revenue could fund the needs of light rail, busing, bike lanes, and road work.

CM Jessica Forsythe said Redmond has one of the most regressive tax structures in the country; she probably won't support it.  I'm concerned about tax creep.

Odds and Ends

It was decided Parks and Rec. will hire eight full time employees; three will be hired immediately. 

CM Jessica Forsythe is pushing for one Senior lunch at least twice a week. She wants more substantial lunches.  

CM Vanessa Kritzer wants to set up a mental health fund.  

-- Bob Yoder, 3/26/2021

COVID 19 Has Not Affected Home Values

 -- Mr. John Wilson, King County Assessor, 2/17/2021

King County Mails First Tax Bills Since the Beginning of the Pandemic: Some Areas Will See Increases Due to the Passage of Special Levies 

COVID 19 Pandemic Has Not Affected Home Values, but Some Commercial Businesses Have Taken a Major Hit 

Overview of 2021 Property Taxes 

Voter approval of special levies, in conjunction with a strong housing market, will generate a 4.03% general increase in King County property tax collections for 2021 – although some jurisdictions will see double digit increases. 

Overall, countywide property tax collections for the 2021 tax year are $6.6 billion, an increase of $256 million from the previous year of $6.3 billion.  Total County property value increased by 2.65%, from $ 642.5 billion to $659.5 billion between 2020 and 2021. 

“This year’s tax bills reflect the complexity of our property tax system,” said Assessor John Wilson.  “Taxes are going up for many county residents, but not all. And the pandemic which has affected all our lives has hit the economy hard but has not dramatically affected property values.” 

King County Treasury began sending out the annual property tax bills February 16. King County collects property taxes on behalf of the state, the county, cities, and taxing districts (such as school and fire districts) and distributes the revenue to these local governments. 

About 57 percent of 2021 King County property tax revenues pays for schools. Property taxes also fund voter-approved measures for veterans and seniors, fire protection, and parks. King County receives about 17 percent of your property tax payment for roads, police, criminal justice, public health, elections, and parks, among other services. 

Property Values Largely Unaffected By the COVID-19 For 2021 Taxes 

The King County Assessor has been monitoring the economic impacts of the COVID-19 pandemic.  While residential housing values have remained steady, some commercial sectors are being heavily impacted. It is important to note, however, that, by state law, values are set as of January 1 each year. Taxes collected this year are based on the value of the property on January 1, 2020. Therefore, any changes in commercial values caused by COVID will be reflected in the 2021 assessed value for taxes payable in 2022. 

“The world today is radically different than it was on January 1, 2020 when state law has us set assessed values for this year’s taxes,” said Wilson. “While residential values have been steady, many businesses have been either temporarily closed or their operations dramatically constrained. And thousands of workers have been laid off or furloughed.” 

 Local Levies Lead to Property Tax Increases 

By state law, property taxes are calculated on values set January 1, 2020 – well before the economic impacts from COVID-19. During 2020, many local special levies, particularly for schools, were passed by voters. Taxes to fund those levies will be collected for the first time this year, leading to property tax increases in many parts of the county. 

For example, the four largest increases are in Pacific, up 13% over 2020, Enumclaw, up 11%, Maple Valley, up 15%, and Algona, up 18%.