Residential Property Values Posted Modest Gains Countywide in 2024

The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. While the valuation process is not complete countywide it is clear that during 2024 residential values were stable with a mix of modest value increases and decreases in neighborhoods across King County. Eastside markets are still seeing stronger demand resulting in higher increases relative to other parts of the county.

Here are projected, not yet official, residential value increases:

It is important to remember that voter approve levies have more impact on property tax increase than do changes in home values.

The total amount of property tax collected is derived from the budgets passed by state, county, and local governments, and by locally approved levies. The value of each property determines proportionally how much each taxpayer will pay of that total amount.

Each year, County Assessors set values on every commercial and residential property value in the state. These values – set effective as of January 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of January 1, 2025, for taxes due in 2026.