Property values mailed to area residents

September 23, 2015

NEW — 4:17 p.m. Sept. 23, 2015

The office of King County Assessor Lloyd Hara mailed the 2015 property valuation notices for Area 64 — Newcastle.

Residential properties increased 12 percent in Area 64; however, individual property values may vary.

The Assessor’s Office sets property valuations. It does not set taxes and there is not a dollar-to-dollar correlation between property value increase and future property taxes. King County taxpayers who need advice and assistance with property tax-related matters, including appeals, should call 206-477-1060 or email taxadvisor@kingcounty.govRead more

Newcastle property values increase

July 31, 2014

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. Read more

Property taxes due in to assessor April 30

March 2, 2012

King County residents started to receive property tax bills in February and, although property tax collection in the county is up 1.71 percent from last year, property owners should see a drop in bills and a decline in property valuation.

The total value of property in the county continued to decline for the 2012 tax roll, but the drop is slightly less than 2011. Officials said property values declined in almost every area in King County last year.

The median assessed value in rural Southeast King County, for instance, declined from $304,000 for the 2011 tax roll to $259,000 for 2012 — or a decrease in the tax bill of $470.

“Bank foreclosures and other distressed sales continue to be a drag on property values overall in King County,” King County Assessor Lloyd Hara said in a statement. “This is driving property values down through most of King County, and is resulting in property tax reductions for some.”

Washington operates under a budget-based property tax system, meaning local taxing districts — including fire, library and school districts — submit annual adopted budgets to the county assessor. The county assessor then has the responsibility to determine the necessary taxing route to meet the adopted budgets.

Hara and other county assessors statewide establish property values.

Read more

King County assessor mails property tax bills to residents

February 20, 2012

NEW —9 a.m. Feb. 20, 2012

King County residents started to receive property tax bills in recent days and, although property tax collection in the county up 1.71 percent from last year, property owners should see a drop in bills and a decline in property valuation.

The total value of property in the county continued to decline for the 2012 tax roll, but the drop is slightly less than 2011. Officials said property values declined in almost every area in King County last year.

The median assessed value in rural Southeast King County, for instance, declined from $304,000 for the 2011 tax roll to $259,000 for 2012 — or a decrease in the tax bill of $470.

Read more