#631 - Your property taxes are going up. Can you fight them????

Sorry, kids. It’s not getting any easier to buy a home in Seattle. County property values have continued to rise and two Seattle neighborhoods including Capitol Hill led the way in 2020, according to the King County Assessor’s office.

The office says median residential property values rose by 7.9% on Capitol Hill, and by 11.3% in the Ravenna/University District area in 2020. The message comes as the assessor is preparing homeowners and landlords for sticker shock as the annual process of mailing property valuation notices to taxpayers begins.

Assessor John Wilson says reluctance to sell by existing property owners is helping drive the continued surge. “No one knew what to expect a little over a year ago when this public health emergency began,” Wilson said in the announcement. “Now it is clear that a primary impact on property values has been caused by homeowners not wanting to sell at this time, leading to reduced supply and big price and value increases.”

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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