A 32.5% hike in home values, but property taxes increases will vary

EVERETT — Property tax statements will be mailed this month, reflecting the 32.5 percent increase in the average assessed home value reported last year in Snohomish County.

But tax statements won’t be going up at the same rate. The average increase in property taxes countywide was calculated at 8.4%, with most places seeing increases anywhere from 2% to 18%, according to the county assessor’s office.

That’s because a rise in assessed property value does not equate to a rise in taxes — rates depend on the levies in each area. And this year, corresponding tax changes “varied drastically” between districts, according to the assessor’s office.

Take Monroe and Mill Creek for example.

Both areas saw similar value increases, yet the tax impact is quite different. Homeowners in the Monroe area can expect a 10.1% tax increase. In the Mill Creek area, however, taxes will triple that at about 30%.

The rise in Mill Creek is primarily due to two things. First, the City of Mill Creek annexed into the South Snohomish County Fire & Rescue Regional Fire Authority, and the tax rates with the South Snohomish are higher. Secondly, multiple Everett School District levies passed.

Meanwhile in the Marysville area, residential values increased an average of 27%, but taxes decreased. Local voters denied a series of proposed school levies, so taxes were down an average of 25%.

Housing prices have jumped in Snohomish County in recent years.

For 2017 taxes, the average home in Everett had an assessed value of $260,800.

By 2021 taxes, it was $382,800.

As of 2023, it’s $551,000. That’s more than double what it was six years ago.

The average home in ritzy Woodway now boasts an assessed value of $2.3 million for 2023 taxes, and the average Brier home topped six figures for this year’s taxes. Now it is valued at $1 million. Of the 21 cities listed in the county assessor’s report, the most affordable homes are in Darrington, with an average value of $299,900. The average home in Snohomish County is valued at $715,700.

Looking forward to this year’s assessment, County Assessor Linda Hjelle does not expect a similar rise. In fact, changes in the market suggest a plateau or downward trend. The assessed home values for 2024 taxes will be released in June.

Tax statements are mailed out by the county treasurer.

In 2022, Snohomish County voters approved 23 of 36 monetary property tax measures on the ballot. Those approved included 19 school district levies, three fire district EMS levies and a fire district levy.

Property taxes gets divided up between 11 groups, with local school districts and state schools getting the most money at 34.4% and 29.2%, respectively. Fire districts are allocated 11.34% and coming in at the bottom is Parks and Recreation, with 0.04%.

Collected property taxes for all of Snohomish County will be 5.45% more than last year, totaling $1.669 billion. That is an $86.2 million increase from 2022.

Tax relief is available for limited income senior citizens and people with disabilities. To apply for a property tax exemption, the disposable income threshold is $55,743 for 2023. Participants are required to reside in their principle Snohomish County residence for six months per year to qualify.

House Bill 1438 expanded exemptions by allowing deductions for common health care-related items, such as the costs of Medicare supplemental insurance, durable medical equipment, mobility enhancing equipment, prosthetic devices and naturopathic medicines.

The report from the Snohomish County Assessor’s Office can be found at snohomishcountywa.gov/CivicAlerts.aspx?AID=2550.

Average assessed home values in …

All of Snohomish County

2022: $540,300

2023: $715,700

Average tax change: 421.41, or 8.4% increase

Arlington

2022: $392,700

2023: $484,100

Average tax change: $73.56, or a 2% increase

Bothell

2022: $666,000

2023: $910,000

Average tax change: $635.06, or a 10.3% increase

Brier

2022: $712,800

2023: $1,000,000

Average tax change: $800.14, or a 13.9% increase

Darrington

2022: $220,600

2023: $299,900

Average tax change: $331.89, or a 17.7% increase

Edmonds

2022: $732,700

2023: $918,400

Average tax change: $185.18, or a 3.1% increase

Everett

2022: $424,500

2023: $551,000

Average tax change: 638.01, or a 16.4% increase

Gold Bar

2022: $278,800

2023: $370,800

Average tax change: $389.54, or a 16.1% increase

Granite Falls

2022: $358,900

2023: $483,500

Average tax change: $342.94, or a 9.7% increase

Lake Stevens

2022: $460,800

2023: $607,500

Average tax change: $409.66, or a 9.0% increase

Lynnwood

2022: $496,400

2023: $643,400

Average tax change: $278.14, or a 6.2% increase

Marysville

2022: $405,200

2023: $515,100

Average tax change: negative $1,020.59, or a 24.9% decrease

Mill Creek

2022: $680,600

2023: $947,300

Average tax change: $1,772.15, or a 29.8% increase

Monroe

2022: $444,600

2023: $613,700

Average tax change: $418.98, or a 10.1% increase

Mountlake Terrace

2022: $480,500

2023: $619,500

Average tax change: $250.73, or a 6.0% increase

Mukilteo

2022: $646,300

2023: $839,100

Average tax change: $615.90, or a 11.4% increase

Snohomish

2022: $468,700

2023: $617,300

Average tax change: $354.21, or a 7.0% increase

Stanwood

2022: $407,200

2023: $528,600

Average tax change: $228.93, or a 5.7% increase

Woodway

2022: $1,778,400

2023: $2,376,300

Average tax change: $1,269.07, or an 8.8% increase

Unincorporated areas

2022: $541,500

2023: $728,800

Average tax change: $460.47, or a 9.0% increase

Correction: This story and headline originally suggested rates had gone up 32.5% for two years in a row. The 2023 assessed home value (calculated in 2022) rose 32.5% and the assessed home value for 2024 is yet to be determined. The new assessment is expected to be reported in June.

Kayla J. Dunn: 425-339-3449; kayla.dunn@heraldnet.com; Twitter: @KaylaJ_Dunn.