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SEATTLE - Challenges to the assessed values of property in the Seattle area are soaring.
The Seattle Times reports that challenges in King and Snohomish counties went from fewer than 4,500 in 2007 to more than 15,500 last year.
The appeals brought reduced assessments meaning lower tax bills about half the time in King County and about a third of the time in Snohomish County.
The Times reports that the last time there were so many appeals was 1991, when a sluggish real-estate market followed years of escalating home values.
Assessors in both counties say the long rise in home values followed by a sudden decline this time has made it unusually tough to appraise property. Acting King County Assessor Rich Medved says, "We're in uncharted territory."
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Information from: The Seattle Times, http://www.seattletimes.com
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