King County, WA: housing market 2024
https://www.seattletimes.com/business/real-estate/king-county-assessed-property-values-decline-as-housing-market-cools/ (Copy paste from the article) King County Assessor John Wilson said ..., it’s already clear that values are on the decline in many areas, particularly on the Eastside. * In Seattle’s Queen Anne neighborhood, values declined 8% on average this year, compared with an increase of nearly 14% last year. * In Sammamish, values are down 22% on average, after shooting up 50% last year. ---- Its already reflected in King County website for 2024 assessment. They have not updated all properties assessment yet, but those they have done (see Redmond, Sammamish, some neighborhoods in Bellevue and Kirkland) are 15-20% down . Even the land value is down, not just house values. See yourself: https://gismaps.kingcounty.gov/iMap/ (for best experience, open in laptop/big screen) Some folks are saying market value is different than tax assessment value, and that market value is usually higher than tax assessed value. I believe this is true when on upward trend, but my gut feeling is that downward trend changes things. --- (Assumption: you are at the stage in life where owning home is a "nice to have" but not a "must have".) Suppose you were planning to buy a house (in 2023/2024), how much higher would you go above it's tax assessment value? #housing #redmond #bellevue #seattle #sammamish #kingcounty #snohomish
Assessed value has always been far lower than the mkt value for me.
Agreed. Tax assessment sits at like 50% of my actual value
Houses are selling under assessed value of 2022 in the Eastside of Seattle. Not some of the houses, but the majority of houses in the area.
Even Zillow shows that but sellers don't want to believe that and continue to list their house for higher prices.
I'm in Magnolia for what it's worth.
King county is lagging in the value assessment. I paid less 10% less than the assessed value in Sammamish in Q4 2022. Now, for next year the assessed value is lower than my purchase price.
County overpriced our house by ~30% last year, yet I couldn't find any cheaper comparables to fight the assessment. Hope they drop it to a reasonable level next year...
It’s already lowered significantly in Sammamish. Check the county website.
Thank goodness, property taxes were a bit ridiculous in 2023. Would be very happy with a 25% drop.
Home I rent is undervalued by about 20% in tax assessment. I know because investors are circling and send unsolicited "please sell your home to us" letters.
I paid less than what was tax assessment for 2022.
What was the tax assessment and how much did you pay
Assessment was 925. I paid 890.