2018 Property Owners take on more of State Burden
Review your property taxes.
Washington State has two main revenues of income, sale tax and property tax. Property taxes have been increased massively. Property owners who own real estate whether it is your home, a second home, rental property, vacant land or commercial property have significant increase in their property taxes this year. If you have a mortgage on your property this will hit you twice. Once when you receive notice that the reserve amounts are not enough to pay for first half of 2018 taxes and you need to make a supplemental payment. Next when your monthly payment increases for second half of 2018 taxes.
To see what your property taxes are, go online to the assessor office for the county in which your property is located and put in your address. Once there you will see the breakdown of the taxes. I would also suggest looking at your 2015 through 2018 taxes to see how much more you are paying.
Why are your property taxes increasing?
For home owners in Pierce County and South King County we can expect the average increase to be over $700 this year and more likely close to $1000. This is because your home or property increased in value and additional taxes have been levied. Most of us are part of “Sound Transit 3” which is a $54 Billion tax. Then add the new additional taxes required by the State Supreme Court for education.
Don’t pay more than should.
When the assessed values go up this makes us feel wealthier. However, if the assessed value is actually more than your real market value, you are paying to the state more money you should. There are specific time limits from when you receive your value new assessed value in which to respond. If you do not agree with the new value then you need to appeal the value. You need to get started on this immediately to stay within the time lines required. The amount of tax you pay is based on the value, so it is very important to check that value by having a qualified experienced agent provide a full in person market evaluation. An online evaluation will not be sufficient.
Download forms, and outline of the process to appeal your assessed value.
We will also be glad to provide you with a current fair market valuation of your home, or property. This is a free service we provide. We all need to pay our fair share, but no one should pay more than what is required.