Newcastle property values increase

July 31, 2014

By Staff

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Newcastle’s residential property values increased in 2014, according to the King County Assessor’s Office.

King County Assessor Lloyd Hara mailed 2014 property valuations to all Newcastle property owners in early July. The values generally increased by 15.4 percent, he said, but individual property values might vary.

Residential property is assessed each year at 100 percent of its true and fair market value, defined by state law as the amount of money a willing and unobligated buyer is willing to pay a willing and unobligated seller. Residential values are determined based on multiple sales of similar properties.

The King County Assessor’s Office annually revalues all properties and conducts a physical inspection on each property once every six years. The last physical inspection of the Newcastle area was in 2009.

“Continuing the 2013 trend, property values are increasing across King County as we emerge from the Great Recession,” Hara said. “In 2013, we saw a residential increase in 76 out of 86 residential areas in King County and we expect to see continued growth in residential values for 2014.”

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