Owners of single-family homes valued at $350,000 or less are likely to see the greatest percentage increase in assessed values, which are used to calculate next year’s taxes.
Yearly assessment notices were mailed out by the county assessor on Friday.
“Concerns are for affordable housing,” Assessor Linda Hjelle said. “People are looking for a place to live that is reasonable and as the demand increases and there is a limitation in buildable lands, the affordable housing piece of it becomes complicated.”
The market did settle down this year, but it’s still putting pressure on reasonably priced places to live, Hjelle said.
Property value in the county increased by 8.6% across all categories, including an increase of 8.8% on residential properties and 8.2% for commercial properties.
Residential values countywide saw the lowest increase since 2015, more than 3% less than the 11.9% and 12.2% increases of the 2017 and 2018 assessment years.
The leveling off of the housing market could be a reason for the dip, according to Hjelle. Values are set based on property sales in 2018.
“What you are seeing here is a representation of what we have seen in the Snohomish County market,” she said.
Manufactured homes in mobile home parks saw a staggering 23% value increase, well above the 10% increase of manufactured homes outside of such parks, a trend Hjelle attributed to the high demand for affordable housing.
Condominiums and apartments increased by 11% and 9%, respectively.
Countywide assessed values by school district were up between 7% and 10%. The Northshore and Index school districts were outliers, up more than 11%.
In total, residential properties in the county are valued at nearly $116 billion, a $9.3 billion increase over last year. Commercial properties total $38.7 billion, almost $3 billion more than last year.
Sixty percent of average property taxes go to education, with the rest earmarked for cities, counties, fire protection and other public services.
If homeowners have evidence to challenge the assessed value of their property, they can appeal to the county’s Board of Equalization within 60 days of the assessment notice being mailed.
The property assessment process is not completed. Appraisers will now spend months evaluating new construction.
People with questions about the new value of their property can call the assessor’s office before filing an appeal with the Board of Equalization. Call 425-388-6555 for residential properties and 425-388-3390 for commercial properties.
Petitions must be filed with the Board of Equalization within 60 days of when the notice was mailed. Forms and instructions are available by visiting www.snohomishcountywa.gov/134/Board-of-Equalization or calling 425-388-3407.
Property-tax exemptions are available for some homeowners, including senior citizens and people with disabilities. To learn more, visit www.snohomishcountywa.gov/328/Property-Tax-Exemptions or call 425-388-3433.
Assessed property values
|School district||2018 value||2019 value||Change||% change|
Source: Snohomish County assessor