As assessments jump, King County homeowners brace for soaring tax bills
Pamela and Michael Nugent got a shock when the King County assessor told them their Renton home is worth $154,000 more than it was valued at last year.
That’s a 43 percent increase in assessed value in a year when the median Southeast King County home price has dropped 9 percent.
The Nugents, both retired from Boeing, are wondering how the assessed value of their home could go up so much in a distressed real-estate market.
They’re also worried that, for the second time since they bought the house on Benson Hill in 2004, their property taxes may go up by more than $1,000 in a single year.
“Who’s running this ship?” Pamela Nugent said. “I just don’t understand the logic in these valuations. I have a business degree and I just don’t get it.”
The Nugents aren’t alone.
Since the assessor began mailing out valuation notices in May, more than 1,800 homeowners have filed appeals with the Board of Equalization “â€ compared with 750 at this point last year “â€ and appeals are on pace to set a record, said board clerk/manager Dave Goff. Continued… As assessments jump, King County homeowners brace for soaring tax bills -Keith Ervin, Seattle Times