Commercial buildings and residential properties in King County are seeing a decrease in value when compared to previous years.
New homes line a street in Eagleville, Pa., Friday, April 28, 2023.
“In 2021 and 2022, residential prices and values went through the roof due to a major imbalance between supply and demand. The housing market is still healthy in King County, but it cooled considerably in 2023, bringing values down,” said King County Assessor John Wilson.Residential property values in King County hit all-time highs in the second quarter of 2022 and they are beginning to correct downwards. Commercial properties such as office buildings are seeing a drop in value as well.
King County says that despite the valuation process still being underway, it’s clear that the largest reductions will be on the east side of Lake Washington. Most residential areas in King County should expect to see a decrease though. Queen Anne will see an average 8% reduction in value, but the Sammamish plateau will see a reduction averaging 22%.“COVID changed our lives, and it continues to impact the real estate market,“ said Wilson.
County Assessors are required by law to appraise every commercial and residential parcel across the state of Washington each year. The values this year, the assessment year, will be used to calculate property taxes for the following year, 2024.
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