Seattle homeowners are receiving new property assessments in the mail from the county this week.  The information for the Magnolia area shows that assessments have gone down 17.6% from last year’s levels. 

King County Assessor Scott Noble (who is leaving his post to serve time in jail for vehicular assault) signed off last month on the 2009 Area Property Assessment Reports. 

Other neighborhoods also saw a drop though Magnolia is at the high end county wide.  Phinney Ridge/Fremont is down 19.1%, Capital Hill area is down 13.9%, Georgrtown area is down 19.3%, Leschi/Madison Park area down 13.4%, Fountleroy down 18.7%, and Central Area down 19.6%. 

Its not just Seattle seeing a drop, the same it true over on the eastside.  Woodinville is down 14.3%, Bellevue is down 15.3%, Sammamish is down 15.9% and Duvall is down 18.4%.

After noting that they have historically taken a conservative approach to computing changes in market values, the County’s Department of Assessments this year says that approach was not an option due to the recent decline in the housing market. 

Don’t assume that a 17% decline in property values equals a 17% decrease in your 2010 property tax assessments.  The amount of tax each homeowner will owe next year will be determined in January 2010, and everyone will be notified of their 2010 tax bill in mid-February next year.   

If you don’t have your assessment yet, click here.