Tax bills for metro Seattle homeowners are surging. The worst may lie ahead.
Homeowners in the Puget Sound area faced surging property taxes in 2023, and analysts say the trend could gain steam in the years to come.
The gains aren't solely due to the surge in home prices. The struggles of the commercial real estate market, especially for office properties, are also expected to contribute to an increasing property tax burden for homeowners.
In the Seattle-Tacoma-Bellevue market, the average property tax bill increased by 10% in 2023, rising from $6,923 in 2022 to $7,584 in 2023, according to a Business Journals analysis of data from Attom Data Solutions LLC.
The increase reflects a hike of the effective property tax rates from 0.71% in 2022 to 0.84% in 2023, not to a higher average price of homes.In the Seattle-Tacoma-Bellevue market, the average price of homes has dropped from $980,360 in 2022 to $900,764, an 8.1% decrease.
https://www.bizjournals.com/seattle/news/2024/04/16/property-taxes-homeowners-seattle-real-estate.html
= new reply since forum marked as read
