Seattle-area property owners may soon see the results of the cooling real estate market in their mailboxes.
King County began mailing property valuations this week notifying homeowners of the estimated value of their property, which will help determine their tax bills next year. Compared with a year ago, residential values have held steady or declined across the county.
“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.
The county issues valuations on a rolling basis, so the assessor’s office is continuing to calculate values across King County. But nowhere assessed so far recorded a meaningful jump in values from last year.
The decline comes as the housing market here and across the country slows. In the face of out-of-reach home prices and high mortgage rates, many would-be homebuyers are simply sitting things out, generating less demand and competition for many homes.
From 2025 to 2026, residential property values remained essentially flat in much of Seattle, including Queen Anne, Capitol Hill and Rainier Beach, according to preliminary data from the county assessor.
Home values dipped in the Eastside by 4% in Sammamish and 3% in Medina. Values dipped 2% in SeaTac and White Center and between 3 and 5% in various parts of Shoreline. The assessor’s office will continue calculating valuations throughout the county in the coming weeks.
Other corners of the market took a bigger hit.
Commercial values plummeted 31% in downtown Seattle, driven by troubled empty office towers. The Eastside fared better, with Bellevue’s commercial values up 2%.
Apartment and condo building values dropped, too, by 4% downtown, 6% in Capitol Hill and 6.5% in South Seattle.
King County is not the only area experiencing a sluggish real estate market. Residential property values also dipped 1% in Pierce County and 2% in Snohomish County.
In a twist from Seattle’s commercial woes, commercial property values increased in Pierce County, a reflection of the types of properties in the area.
The value of Pierce County commercial properties climbed an average of 3% with the biggest bumps among warehouse and industrial properties in Tacoma, Lakewood, Puyallup and Sumner, according to the county’s assessor-treasurer.
No lower taxes
Even in areas where residential property values are cooling, homeowners shouldn’t expect to see a corresponding decline in their tax bills. That’s because of the way counties in Washington state calculate property taxes.
Counties essentially calculate the total tax revenue needed to fund government budgets and then distribute that amount among property owners based on values. New or increased local levies — typically passed for needs such as libraries, schools and transit — are the more significant driver of rising tax bills than property values alone.
Given that system, a decline in commercial property values can shift more of that tax burden onto homeowners. But that shift hasn’t yet proven dramatic, according to King County. Because office buildings are a small share of all properties, plunging commercial values this year “will not create an appreciable increase in property taxes for the vast majority of taxpayers across King County,” the assessor’s office said.
Property owners can appeal their valuations within 60 days of the date the county mailed their valuation notice.
People with low incomes who are disabled or age 61 or older may be able to get a discount on their property tax bills. Find more information at senior-exemption.kingcounty.gov or by calling 206-296-3920.
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