King County Property Taxes average 13.7% Higher for 2020

The King County Tax Assessor has issued a press release two days before 2020 property taxes will be released. From the press release:

“About 55 percent of property tax revenues collected in King County in 2019 pays for schools. Property taxes also fund voter-approved measures for veterans and seniors, fire protection, and parks. King County receives about 18 percent of your property tax payment for roads, police, criminal justice, public health, elections, and parks, among other services.

“Property tax policy remains in a state of flux,” said King County Assessor John Wilson.  “It’s important to remember changes in the law, or approval of special levies, have much more impact on changes to your tax bill than does the changing value of your property.”

In 2019, it was reported that King County property taxes went down an average of 1%. You may recall in 2018, many of us experienced a significant jump to our property taxes. Our property taxes jumped 27% in 2018. The overall trend will hit home owners and renters in their monthly housing payments. Mortgage payments will be adjusted to make up for the difference and landlords may have to adjust rents accordingly.

Senior Citizens and people with disabilities may qualify for a reduction to property taxes if their income in 2020 is less than $58,423. Click here for a list of potential qualifications to have property taxes reduced in King County.

If you want to appeal your taxes, you can learn more about that here. I can tell you from experience, it’s a real pain in the tush… we were successful doing this with a home (we no longer own) where the county completely over valued the property. By the time we contested, the county contested and brought it to the state…then we finally won, we had sold the home! (We did get a refund of a portion of the taxes).

Snohomish County’s property taxes went up an average of 10.7% and Pierce County is experiencing higher property taxes too.

Refinancing your mortgage won’t lower your tax payment, but if your rate is in the mid 4’s or higher, or if you are paying mortgage insurance or have a second mortgage/HELOC, then a refi could potentially lower your overall mortgage payment. I’m happy to review your scenario for your Washington home to see if refinancing can help you reduce your monthly mortgage payment.

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