King County assessment letters started landing in mailboxes the week of July 14, and homeowners in Queen Anne, Capitol Hill, and Rainier Beach will find their homes are worth about the same as last year. In some neighborhoods, less.

"After several years of significant value increases, the residential housing market in King County is cooling," Chief Deputy Assessor Al Dams said in a statement released Wednesday, July 16.

Preliminary data from the King County Assessor shows residential property values remained essentially flat across much of Seattle from 2025 to 2026. On the Eastside, values fell: 4% in Sammamish, 3% in Medina. SeaTac and White Center dropped 2%. Parts of Shoreline declined between 3% and 5%.

The county issues valuations on a rolling basis and will continue calculating values in the coming weeks. No area assessed so far has recorded a year-over-year increase.

Washington state's property tax system doesn't work the way most people assume. Counties calculate the total revenue needed to fund government budgets, then divide that amount among property owners based on assessed values. If the county needs more money, your bill goes up regardless of what your home is worth.

New or increased local levies for schools, libraries, and transit are the bigger driver of rising tax bills than property values alone, according to the assessor's statement.

Downtown commercial values crater

The commercial side of the ledger is far worse, and it connects to residential taxpayers. Downtown Seattle commercial property values plummeted 31% this year, driven by empty office towers. A decline in commercial values can shift more of the tax burden onto homeowners.

But the assessor's office said in its July 16 statement that the downtown drop will not create "an appreciable increase in property taxes for the vast majority of taxpayers across King County," because office buildings represent a small share of all properties countywide.

The broader picture: since 2020, downtown office properties have lost $15 billion in value and are generating $128 million less in annual property tax revenue, according to King County Assessor data reported by the Seattle Times.

Nearly 37% of downtown Seattle office space sits vacant, the highest rate of any major U.S. downtown, according to real estate brokerage Cushman & Wakefield.

Apartment and condo building values also fell: 4% downtown, 6% in Capitol Hill, and 6.5% in South Seattle.

What homeowners can do

Property owners can appeal their valuations within 60 days of the date the county mailed their notice. The appeal portal is at kingcounty.gov/en/dept/assessor.

Low-income residents who are disabled or age 61 or older may qualify for a property tax discount. Information is available at senior-exemption.kingcounty.gov or by calling 206-296-3920.