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Property Values: Stalled; Property Taxes: Rising

Posted on February 1, 2008February 1, 2008 by The Tim

The mythical “fixed payments” for home buyers takes another hit in 2008, as property taxes increase an average of 6.5% across the county.

The average King County homeowner will pay about 6.5 percent more in property taxes in 2008, mostly because of voter-approved increases and creation of new taxing districts, Assessor Scott Noble reported Thursday.
…
Countywide, voter-approved tax increases and creation of new tax districts pushed taxes up the most. “I think today’s citizen can look in the mirror and say ‘I voted for it overall.’ That, and new districts, is pretty much the story,” Noble said.

Voters approved 24 of 31 tax measures in 2007, including 13 permanent “lid lifts.” Lid lifts allow a tax district to increase the regular levy above the 1 percent cap.

I generally elect not to vote on property tax issues, since I don’t currently own a home in King County, nor do I ever intend to (I’ll be in Snohomish or possibly further north). I do find it interesting that people are so willing to keep jacking up their home payments, even as the value of their asset stalls out and begins to drop. Maybe the tide will change this year.

Of course, even if the voters stop approving tax increases, I have a feeling that people in government will find a way to keep the money flowing without public votes as home values decline. Not to get too political, but I’m sure you recall Safeco Field or Seahawks Stadium.

(Keith Ervin, Seattle Times, 02.01.2008)

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