Property taxes also fund voter-approved measures for veterans and seniors, fire protection, and parks.
King County collects property taxes on behalf of the state, the county, cities, and taxing districts (such as school and fire districts), and distributes the revenue to these local governments.Ībout 57 percent of 2021 King County property tax revenues pays for schools. King County Treasury will begin sending out the annual property tax bills February 16.
And the pandemic which has affected all our lives has hit the economy hard, but has not dramatically affected property values.” “Taxes are going up for many county residents, but not all. “This year’s tax bills reflect the complexity of our property tax system,” said Assessor John Wilson. Total County property value increased by 2.65%, from $642.5 billion to $659.5 billion between 20. Overall, countywide property tax collections for the 2021 tax year are $6.6 billion, an increase of $ 256 million from the previous year of $6.3 billion. Voter approval of special levies, in conjunction with a strong housing market, will generate a 4.03% general increase in King County property tax collections for 2021 – although some jurisdictions will see double digit increases.
King County to Mail First Tax Bills Since the Beginning of the Pandemic: Some Areas Will See Increases Due to the Passage of Special LeviesĬOVID 19 Pandemic Has Not Affected Home Values, but Some Commercial Businesses Have Taken a Major Hit