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King County real estate taxes jump 10 percent
On Feb. 15, Islanders and taxpayers across King County will receive their 2011 county tax bill in the mail.
Despite the fact that the assessed valuation for many properties on the Island has fallen over the past two years, many here will likely pay more this year, mostly due to voter approved property tax measures.
The tax rates for 2011 to be charged to Mercer Island real property are set at $8.57 per $1,000 of assessed valuation, up from $7.81 per $1,000 of assessed valuation in 2010. The new rate includes $2.52 for public school financing, including the new school district transportation levy.
For a homeowner who qualifies for senior or an exempt status (due to age, income or disability), the property rate increase is less. The new rate is $5.93, up 4.3 percent from the 2010 rate of $5.68. This rate excludes the school levy amount.
A Mercer Island property with an assessed value of $1 million in 2011 will pay more than $8,500 in taxes this year; up nearly $700 from a year ago. For qualified taxpayers, who have a home valued at the same amount, the 2011 bill is just under $6,000, up nearly $250 from 2010.