Countywide, property owners are seeing a jump in their assessed values this year, and in the Snoqualmie Valley, it’s a little more of a jump.

While “King County property values increased 13.9 percent from $340.6 to $388.1 billion,” according to King County Assessor Lloyd Hara, Valley institutions reported larger than average increases.

In the Snoqualmie Valley School District, the overall assessed value of land, totaling $6.8 billion, increased by $1 billion this year, for an average increase of 18 percent. North Bend and Snoqualmie saw still larger increases, of 19 and 24 percent, bringing their assessed values to $1 billion and $2.4 billion, respectively.

In 2014, King County was the second fastest-growing urban county in the nation, and a strong real estate market drove property values steadily upward, Hara said.

However, “While many residential properties increased in value, the majority have not returned to the pre-recession values of 2008.”

Property value increases do not represent a proportional increase in property taxes. In fact, the opposite should be true.

All property tax measures are divided among the properties in the taxing district, so the greater the total value of properties in the district, the lower the tax rate people will pay.

A lower tax rate doesn’t necessarily result in a lower tax bill. For example, the Snoqualmie Valley School District’s recently approved $244.4 million school bond, divided into almost $7 billion worth of properties, resulted in an estimated tax rate of $1.29 per $1,000 of assessed valuation. Using the 2014 property tax values, the rate was estimated to be almost double.

All taxing districts are limited to a 1 percent annual increase in tax revenue regardless of changes in property values. New construction value and other adjustments are added after the application of the 1 percent.

“Our goal is to always make sure our property valuations are accurate, fair, and equitable, so that each property owner pays only their fair share of property taxes as required by law,” Hara said.

The King County Assessor’s Office annually values more than 700,000 properties and physically inspects one-sixth of them.

For questions about property values, visit eReal Property Search on the King County Assessor’s website at www.kingcounty.gov/assessor, or call (206) 296-7300.

Property tax bills were mailed out in King County on February 14. Overall, property taxes increased by 4.11 percent in 2015, but individual property taxes vary depending on the property location. First-half property taxes are due by April 30, and second-half taxes are due by October 31.

For questions, to pay your tax bill, or to get more information, visit www.kingcounty.gov/propertytax.

Individual property taxes are calculated based on the assessed value of a property, the total taxable property value in the community, voter-approved measures, and the budgets adopted by local governments.

In the Valley, there are a variety of taxing districts, including the school district, fire protection districts, the Si View Metropolitan Parks District and theKing County Public Hospital District 4.

Some assessed values for Valley taxing districts are:

Snoqualmie Valley School District – $7 billion;

Snoqualmie Valley Hospital Dist.- $7 billion;

City of Snoqualmie – $2.4 billion;

City of North Bend – $1 billion;

City of Carnation – $201 million; and

Si View Metro Park District – $2.4 billion.