Why big increase in assessed value?

Markor

A house I'm tracking increased 15% in assessed value from 2008 to 2009 tax year, according to KC records. Not fallen ~15%, as sales prices have during that time, in the same area for similar properties. Is 2010 the year when decreases will be seen in KC records, or is this house just special? I thought I saw others reporting decreases in assessed value, finally.

Edit to add: On KC FAQ I see "Keep in mind that [2009]'s Official Value Notice is developed from information about sales that closed during 2005, 2006 and 2007. The sales you see in your neighborhood this summer will be considered next year and the year after." Didn't realize they lagged by a whole 2 years. Still, haven't others noticed decreases?

faster

The house I'm renting in 98008 just got it's value assessed at about 18% less - came in the mail last week.

Markor

Good to know, thanks. That's for the 2010 tax year?

vermillionsky

I'm watching a house in Edmonds. The Snohomish county property records site says the pending 2010 property value is 22% lower than the 2009 value, which is 2% higher than the 2008 value. I checked the houses nearby and they all seem to be decreasing a similar amount.

davidlosh@davidlosh.com

faster wrote:

The house I'm renting in 98008 just got it's value assessed at about 18% less - came in the mail last week.

Kary Krismer does not read Seattle Bubble, but he does reply to posts here.


This shows at the bottom of the comment in light lettering.

Funny.

faster

Markor wrote:

Good to know, thanks. That's for the 2010 tax year?

I'm pretty sure, but don't have the assessment any more as I mailed it on to the owners. It was kind of shocking to see such a big drop.

faster

davidlosh@davidlosh.com wrote:

faster wrote:

The house I'm renting in 98008 just got it's value assessed at about 18% less - came in the mail last week.

Kary Krismer does not read Seattle Bubble, but he does reply to posts here.

This shows at the bottom of the comment in light lettering.

Funny.

That's from long ago when Kary claimed he didn't read Seattle Bubble, but kept replying to posts here as he'd come across them while doing vanity searches. The idea was that his name would always be on Seattle Bubble in my signature. Unfortunately, I think Google is actually smarter than that and doesn't index signature content.

Regardless, it's outdated as now he's one of the biggest contributors here.

davidlosh@davidlosh.com

BTW our assessment came in yesterday and is lower.

Markor

The 2010 tax year assessment for the house I mentioned in the OP came in ~8% lower than the 2009 value.

Markor

The differences between land and improvement values are interesting. One house is typical for the area: since the 2007 assessment the land value has increased every year, up 34% total, up 6% from 2009, whereas the improvement value has fallen 25% total, down 45% from 2009.