“Housing inventory for sale remains low, while demand remains very high.” Those words from county assessor John Wilson probably sound familiar. In 2022, property values on Capitol Hill have soared again — this time up 13.3%, according to the county.

The tally comes as part of the annual valuation process by the King County Assessor office.

(Image: King County Assessor)

County assessors set values annually on every commercial and residential property value in the state. Effective as of January 1 by state law, the values are then applied to the next year’s tax bill.

The assessor calls planned increases in property taxes to be collected in King County “modest for the 2022 tax year — about 3 percent – despite the fact that property values rose by about 9%.”

“This is because voter approved levies, and not rising property values, are the main drivers of property tax increases,” the office says.

In 2021, median residential property values rose 7.9% for the Capitol Hill area.

“The resulting increase in home values is inevitable in this type of market, and that trend is particularly strong on the eastside,” Wilson writes in the announcement. “While voter approved special levies typically have more impact on property tax increase than do increases in home values, these value increases are so dramatic they may result in noticeable increases in property taxes in eastside communities.”

Taxpayers can expect to receive property valuation notices soon.

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