Where property value grew quickest in King County

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Real Estate

The King County Assessor's Office announced that it began mailing out property valuation notices to residents on Thursday, with some areas poised to see double-digit increases in value. The annual revaluation notices — required by state law — are issued for 720,000 pieces of property in the county and applied for taxes due in 2022.

Despite the economic downturn caused by the COVID-19 pandemic and shutdowns, the office says that commercial property values have remained steady while residential property values in the county have "risen dramatically," with some areas even seeing upwards of 20% increases in value.

"No one knew what to expect a little over a year ago when this public health emergency began," said King County Assessor John Wilson in a news release. "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."

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