(The Center Square) – Snohomish County residential values decreased 6.6% across the county from last year.
The 2023 assessed valuations for 2024 taxes in Snohomish County have seen an overall decrease of 3.9% countywide. This includes the average residential value decrease of 6.6% and a commercial property value increase of 7.7%.
The Snohomish County Assessor’s Office mailed out assessment notices to property owners throughout the region on June 23. While the office did not have the average individual home value for 2023, it estimated that the county’s total residential property value in 2023 is $168.9 billion. The county’s total residential property value in 2022 was approximately $12 billion more, at $180.8 billion in total residential property value.
Snohomish County’s 6.6% decrease in average residential value is the highest compared to western Washington’s two other highest populated counties: King and Pierce Counties.
According to Redfin, the average King County home value is $835,000 as of May 2023. That is a 5.6% drop from 2022.
Pierce County Assessor-Treasurer Mike Lonergan’s office found that the average single-family home value decreased by 3% over last year.
According to Snohomish County Assessor Linda Hjelle, the county will not know how much property tax revenue will be collected until January 2024. This is because not all measures have been voted on and taxing districts have not set and reported their budgets to the Snohomish County Assessor’s Office. Hjelle said that activity happens in November.
“Washington state is a budget-based property tax system, so the assessed values impact what portion of the amount to be collected each property is responsible for rather than the total amount to be collected,” Hjelle explained in an email to The Center Square.
The latest reported property tax information provided by the Snohomish County Assessor’s Office showed that property taxes for all purposes totaled $17 billion in 2023, which is up $86.2 million over last year, with $1.6 billion levied for all Snohomish County taxing districts.
