The King County Assessor mailed 2014 property valuations to all residential property owners in Snoqualmie Ridge on July 24. In this area, residential property values generally increased by 23.1 percent but individual property values might vary. The assessor’s office will continue to mail out residential and commercial valuation notices to taxpayers throughout the rest of King County between July and October.
Residential property is assessed each year at 100 percent of its true and fair market value in money, which is defined by Washington State law as the amount of money that 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 Snoqualmie Ridge/Issaquah Highlands area was conducted in 2008.
“Continuing the 2013 trend, property values are increasing across King County as we emerge from the Great Recession,” said Assessor Lloyd Hara. “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.”
Learn more about the assessor here: http://www.kingcounty.gov/Assessor.aspx