With Love from the King County Tax Assessor

King County will be mailing out property tax statements for 2020 on Valentines Day… aawwww, that’s so sweet! [Read more…]

2019 Property Taxes for King County

King County will unveil how much your property taxes are for 2019 on February 15, the day after Valentines Day. <3

If you recall last year, many were stunned to see just how much their property taxes jumped. Our property taxes increased roughly 27% just last year alone!

If you are in the process of buying or refinancing a home, you need to be aware of changes to the property taxes if the transaction is closing around February 15, 2018 as this could potentially impact qualifying for the mortgage since it will most likely mean an increase to the total mortgage payment. This is especially true if your debt-to-income (DTI) ratios are anywhere near the limits for qualifying. [Read more…]

King County Property Tax Valuation Notice

Did you receive your “Official Property Value Notice” over the weekend? Let’s just say that I’m not surprised to see how much our values have gone up…although, in my opinion, I think the 2018 assessed value of my home is higher than what I could most likely sell it for. [Read more…]

Why is My Mortgage Payment Going Up?

If you live in the greater Seattle area, you may be receiving a notice from your mortgage servicer stating that they need to adjust your mortgage payment because of an “escrow shortage”.  We actually just received such notice from our mortgage servicer. [Read more…]

How are property taxes determined?

Recently, after receiving a rate quote, a home buyer asked me, “What would the difference in taxes be if I bought in Pierce County verses King County?” [Read more…]

Senior Property Tax Exemption or Deferral? One places a lien on property!

I read this post this morning from The Talon Group and even though my background includes 14 years in the title and escrow industry, I had no idea about the different options for Seniors with property taxes…this is a must read!

Washington State provides two very different programs for our “well-aged” homeowners to help pay property taxes. The most popular program, Senior Property Tax Exemption allows seniors making less than $35,001 to “freeze” the tax value of their home (in the eyes of the assessor) at the current rate. As the assessed value rises or falls, the taxable value will be billed upon the lesser of the frozen or market value. Other than the Emergency Medical Services Levy, this program exempts all excess or special levies that are in addition to the regular levies. Seniors can even exempt themselves from paying for regular levies if their income is $30,000 or below. To qualify, you must be at least 61 years of age by December 31st of the application date. Renewals are sent out out at least every four years.

Click here to read the entire article.

Kudo’s to The Talon Group for dishing up great information for consumers!

Estimating Your Property Taxes

Sometimes the information shown on tax records may not be what a person will actually pay for their property taxes.  This is common with new construction or if the property is currently qualified for an exemption, such as for a Senior Citizen. [Read more…]