Most of Western Washington will see a rise in 2024 property values, but not everywhere
Home values across Western Washington are generally up for 2024, but how much depends on the community. Meanwhile, many office spaces and condos are showing a decline in value.
"After dramatic fluctuations in the residential market during the Covid years, values have returned to a steady level of increase," King County Assessor John Wilson said in a statement. "The volatility now is in the commercial sector and among condominiums."
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Western Washington property owners will soon learn how much their values have gone up or down over the past year, as county assessors begin mailing out notices. This updated information is sent over each summer to determine upcoming taxes — 2024's property values will be used for 2025's tax bills (there are more than 720,000 property owners in King County alone).
As Pierce County Assessor-Treasurer Mike Lonergan noted in a statement, any rise in values won't necessarily result in higher property taxes next year. He pointed out that state law limits taxing districts to a 1% increase annually (unless voters say otherwise).
"Your property tax in 2025 will be the new 2024 value multiplied by the combined tax rates of your school district, city, fire district and other local districts, plus the statewide school levy that everyone pays," Lonergan said. "So, a lot depends on public votes such as levy lid lifts and bond issues."
King County property values
In King County, most residential communities can expect to see an average value increase of about 10%. Condos stand out, however, with an overall decline in value following fewer sales in 2023. It's a mixed bag for commercial properties, especially in downtown Seattle where values are most dramatically down.
According to the Assessor's Office:
- Seattle home values mostly increased in "the single digits."
- Some east King County areas saw residential values increase by about 20%.
- Countywide condo values have declined by single digits after fewer sales in 2023. Downtown Seattle condos saw the largest drop in value.
- Industrial property values are up 10%.
- Larger offices are down 30-35%. The Assessor's Office noted that many long term leases are up and offices are renewing leases for shorter time periods, and for less space. Also, the office vacancy rate has gone up.
- Downtown Seattle, Pioneer Square, and Lake Union commercial values are down 35% to 40%.
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Pierce County property values
Home values throughout Pierce County have increased by an average of 6.2% this year. That means the average residential property value went from about $521,300 to the current $535,500. This comes after a dip last year, when residential homes saw a 3% drop in value.
"The largest home value increases are around 7% in Orting, Eatonville, and Lakewood, Tacoma, Puyallup and Sumner," Lonergan said. "The smallest increases were under 1% in Fircrest and 3% in Milton."
The Assessor-Treasurer Office reported that the numbers are a bit up and down when it comes to other property types. Warehouses and mobile home parks "increased substantially." Commercial properties "showed a moderate combined value increase of 3% over last year," retail property values were "fairly flat," and office space lost value.
Snohomish County property values
According to the Snohomish County Assessor's Office, "The 2023 market turned once again showing a steady appreciation in residential sale prices while the commercial property market stayed relatively flat. The 2024 assessed valuations for 2025 tax saw an overall increase of 4.49% countywide for their January 1 assessment, with residential averaging an increase of 5.36% across the county and commercial averaging an increase of 1.34%."
