King County Property Tax Increase

The word is out; King County property taxes are going up by double-digit percentages. County Assessor John Wilson says across King County the average tax bill going out this month will be 17% greater than last year’s property tax. This increase is the result of a new school-funding plan that is part of the recently passed budget.

The plan is a response to the state Supreme Court’s landmark McCleary decision, in which the Court ruled that Washington was not adequately funding basic K-12 education. Using increased property taxes to pay for education is part of the budget that was signed by the governor last year.

The new tax law: how it affects homeowners.

Homeowners will see a number of key changes take effect in the very near future. If you own property, here’s what you can expect:

Increased standard deduction: The standard deduction would nearly double, to $12,000 for single filers and $24,000 for joint filers. 
(If you have a fairly small mortgage, you’ll likely now be using the standard deduction rather than Itemizing on Schedule A.)