Median condominium property values rose in 2020 throughout King County, with the largest increases occurring in south and east county communities.
Median value increases were up 9% in South King County, the largest jump in any area, according to a July 15 news release from King County Assessor John Wilson. The median value jump was 8.4% in the northeast part of the county from Kirkland to Woodinville and Duvall.
The King County Assessor’s office is in the process of mailing annual property valuation notices to taxpayers. Notices to condominium owners will be arriving across the county soon.
Each year, county assessors set values on every commercial and residential property value in the state. These values – set effective as of Jan. 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of Jan. 1, 2021, for taxes due in 2022.
Data indicates that home sale prices and overall home values have risen sharply in most King County neighborhoods, despite the economic impacts of the COVID-19 pandemic.
“No one knew what to expect a little over a year ago when this public health emergency began,” Wilson said. “Now it is clear that a primary impact on property values has been caused by homeowners not wanting to sell at this time, leading to reduced supply and big price and value increases.”
Condo median value increase
• Capitol Hill 3.8%
• Downtown Seattle 2.2%
• Queen Anne/Magnolia 3.8%
• I-90 corridor (Renton to Snoqualmie) 7.1%
• Northeast (Kirkland to Woodinville, Duvall) 8.4%
• Northwest (Ballard to Northgate) 3.2%
• South Seattle 3.9%
• South King County 9.0%