King County Valuation Notices

Fellow homeowners — Have you gotten your King County valuation notice yet?  Confused by the results?  I am.  I predict that King County’s 2010 property tax valuations are going to be a big story again this year. 

You may recall that in a declining market, lots of people felt their property had been overvalued by the County last year and appealed.  My partner and I successfully appealed the valuation of our townhouse on Minor, as did all our neighbors. 

On Friday, I was shocked to see the County dropped us 36% for 2010.  None of the market trends I’ve seen (most prominently the Case-Shiller index) would suggest this is a true representation of the Seattle market.

A spot check of homes on Minor in the County’s parcel data reveals wildly divergent results.  Some are down 20% or more from 2009.  Others are unchanged.  Still others are up 3% or 4%.  It’s odd that you get these results for parcels that are right next to one another.  One would think the neighborhood would move up or down roughly in tandem, all other things being equal.

I’d be curious to hear your stories.  County data is available at http://www5.kingcounty.gov/parcelviewer/viewer/kingcounty/vi