The amount of your property tax bill is based upon the costs of your state
and local government
. This includes the operating costs of your schools
, city and county, and of taxing districts such as hospital, fire and sewer districts. The assessed value of your property is multiplied by the tax rate
necessary in your levy area to produce your fair share of the total levied tax by these jurisdictions.You can look up your property's assessed value online, using the Property Information System. You may lookup using your real property tax account numberhttp://blue.kingcounty.gov/finance/treasury/propertytax/See here - How we assess value?http://www.kingcounty.gov/depts/assessor
-Work/Residential.aspxIn valuing residential real estate, we look at both land and improvements (buildings, bulkheads, etc.). We begin by establishing land value, which state law
to value as if it is vacant. This value is determined by analyzing sales
of comparable bare land. If there have been no recent sales, we use other recognized appraisal methods.Our next step is to study sales and market trends of improved (developed or built-on) properties in a selected area. This sales analysis is used to determine total market value based on size, year built, quality of construction and other characteristics. From this total value, we subtract the amount determined for the land. The balance is allocated to improvements.In addition to this Market Approach, residential property can also be valued using the Cost Approach, which sets the value based on what it would cost to reproduce or replace the property, minus its depreciated value.In addition to statistical analysis to determine value, all properties are physically inspected once in every six year cycle.Whenever we revalue your property, you will receive an Official Property Value Notice showing your old and new total values with separate values shown for land and improvements.