The average property-tax bill across King County has jumped 35 percent in the last four years, due to quickly climbing property values and newly approved tax hikes.
As rising housing costs continue to price more and more people out of the Seattle real-estate market, people who already own homes are facing a financial pinch of their own: rising property-tax bills.
New data shows King County homeowners pay among the highest property taxes in the country, and that tax bills have been growing quickly with soaring property values and newly approved tax hikes.
The average owner of a single-family house across the county will pay $5,660 in property taxes this year, up from $5,175 last year.
Average annual property tax in King County’s biggest cities
Federal Way: $3,761
Source: King County Assessor’s Office
It’s the fourth straight year of steep increases: Overall, the average property-tax bill has soared 35 percent since 2013, according to the county assessor’s office, though it can vary significantly from home to home because of the complex local tax system.
For someone buying the typical house in Seattle today, property taxes add about $400 a month onto a monthly mortgage payment of about $2,600.
Of course, the tax increases didn’t just fall from the sky: A majority of voters approved them. And the rising home values that also help drive up property taxes mean homeowners who eventually sell will make that added tax money back and then some.
But those with no plans to sell are in a tougher spot — especially since the tax increase has been rather sudden. In Seattle, the average annual home property-tax bill has jumped about $920 in the past two years. Over the prior decade, taxes rose only at about the rate of inflation, or about an extra $80 per…