As a Bellevue property owner, you may have or soon will receive your new property assessment from the King County Assessor. Assessed value increases for homes in Bellevue are significant, and this may cause some residents to have questions about their property taxes and how they relate to BSD’s February 2022 levy.
How much will the district collect from the levy?
The district levies dollar amounts approved by voters — not property tax rates — so as the assessed values for the district increase, the tax rate will decrease proportionately. The amount of local school property tax paid by an individual homeowner depends on how much their assessed value varies versus the total assessed value for the district. For example, if your assessed value increased by 25% but the total assessed value for the entire district increased by 30%, then the amount you pay for local schools will decrease even though your assessed value increased.
What does this mean for residents?
The total tax collected locally that goes directly to the Bellevue School District is limited by what was approved by voters, so tax rates drop and the dollar amount paid by voters remains relatively flat as assessed values go up. An individual homeowner’s actual dollar amount paid is impacted most by how their assessed value changed relative to the assessed value of the entire district. This is not true for all jurisdictions that levy property taxes. To learn more, visit the King County Assessor’s Office webpage.
How have estimated and actual tax rates trended from a historical perspective?
When the district holds a levy election, we estimate the tax rates based on anticipated assessed values. Historically, we have underestimated the increases in total district assessed value resulting in tax rates below our predictions.