[6] March 2, 2012
www.kirklandreporter.com
KIRKLAND
REAL ESTATE & FINANCIAL Your guide to Real Estate and home buying & selling
Many Kirkland homeowners to see drop in property taxes Some homeowners in Kirkland will see an increase in property taxes due to local levies, says King County Assessor BY MATT PHELPS mphelps@kirklandreporter.com
Kirkland homeowners have watched the value of what is likely their biggest investment plummet since 2007. Most received a postcard from the King County Assessor during the past few weeks with a continuation of that bad news. And while real estate is all about location, so are property taxes. Thanks to Washington’s revenue-based system, only a portion of property taxes have declined. Some homeowners in Kirkland will actually see an increase due
to local levies that can differ from block-to-block. King County as a whole will see a rise in property taxes of 1.7 percent. The majority, but not all, of homeowners in Kirkland will see a drop in property taxes this year, according to the King County Assessor. Most think that their property tax is derived as a percentage of the value of their home, which is true for about half of those property taxes collected. But taxes to pay off levies can actually rise when home values drop. “Half of the property tax are from special levies for school, fire, EMS … We are
a revenue-based system,” King County Assessor Lloyd Hara told a group of Windermere real estate agents in downtown Kirkland last week. That revenue-based system means that if a $50-million levy is passed, then $50 million still has to be collected. Therefore, no matter what valuations do, that $50 million still has to be collected. Since levies are such a big percentage of the propertytax system in Washington State, the tax rate will not drop in accordance with a home’s value. That also means that the percentage of taxes, compared to the drop in valuation, can rise. “If values go down the rates go up,” said Hara. Washington and Ohio are the only two revenue-based systems in the United States. But Hara is cautiously optimistic, despite what homeowners are seeing on that postcard. “We were beginning to see things pick up at the end of last year,” Hara said about the housing market. “We are seeing more houses on
the market and more sales. There is a close correlation between jobs and real estate values.” Those improvements will not be seen on King County property assessment for another year. “We run at least 12 months late,” said Hara. Valuations for 2012 taxes are based on assessments made throughout the 201011 year. For some areas of Kirkland the drop in home valuations was especially tough from 2010 to 2011. The median assessed value for Kirkland as a whole declined from $425,000 for the 2011 tax roll to $346,000 for the 2012 tax roll. This resulted in a decrease in the median tax bill of $459. Kirkland itself is split up into three areas for median valuations. The biggest drop in Kirkland came in the Bridle Trails neighborhood. The neighborhood is located in area 68 and is shared with Bellevue. It dropped 7.6 percent from $715,600 to $661,300. Area 74, which includes the neighborhoods
King County Assessor Lloyd Hara speaks to Windermere real estate agents in downtown Kirkland on Feb. 21. CARRIE WOOD, Kirkland Reporter of Lakeview, Houghton, Everest, Moss Bay, Norkirk, Highlands, Market, South Juanita and parts of Totem Lake, has seen the median home value drop 3.8 percent from $628,700 to $604,900. South and North Rose Hill and parts of Totem Lake, in area 93, only saw a median home value drop of 2.7 percent from $433,600 to $422,100 from 2010 to 2011. The annexation area, included in areas 37 and 73, dropped 4.5 percent from $343,900 to $328,500. The annexation of Finn
Hill, Juanita and Kingsgate raised the number of singlefamily homes in the city from 10,557 to 20,170. The majority of those additions have valuations dramatically lower than those previously located within the city limits. That inclusion is expected to drop the medium home value in Kirkland by 18 percent when assessing based on 2011 valuations, according to the King County Assessor’s Office. But it is yet to be seen if the annexation will raise the value of annexed single-family homes.
588817
March 2, 2012 [7]
www.kirklandreporter.com
Real Estate
Windermere Real Estate East, Inc. Kirkland/Yarrow Bay Office 3933 Lake Washington Blvd NE, Suite 100
425-822-5100 SO
LD
Natasha Bosch 425-766-8019 www.kirklandstyle.com
Craig Gaudry 425-576-5555 www.craig@gaudry.com
Heidi Bright 425-820-5343 www.bigdogrealty.com
Kay Zatine 206-954-4409 kzatine@windermere.com
Lydia Geline 206-419-0775 lydiageline.com
WEST OF MARKET
Kathryne Green 425-766-1315 kathrynegreen@windermere.com
Kathy Magner 206 605-8738 kathy@kathymagner.com
Chelle Nelson 206-953-5927 www.chellenelson.com
Carlene Sandstrom 206-910-3662 www.carlenesandstrom.com
$2,900,000
Exquisitely remodeled & immaculately maintained rambler on one of the best lots positioned to maximize lake, city & MT views! Timelessly elegant, an entertainer’s dream home. Perfect indoor-outdoor flow in this private retreat. www.kathymagner.com
KATHY MAGNER
206 605-8738
SO
LD
$1,149,000
HEIDI BRIGHT
ONE EAGLE PLACE
CRAIG GAUDRY
425-820-5343
$1,100,000
Enjoy incredible panoramic views of Lake Washington. Outstanding floor plan highlighted by 5 bdrms, 4.5 baths, den/ office, plus bonus room w/4,760 sqft of living space. Photo gallery at www.OneEaglePlace.com MLS #187402
KIRKLAND
KAY ZATINE
425-576-5555
$999,000
Sweeping lake, city & mt views showcase this spectacular, extensively remodeled NW Contemporary multi-level masterpiece in the heart of Houghton. Walk to Carillon Pt., marina & DT Kirkland. An entertainer’s dream – the ultimate in NW living. kzatine@windermere.com
206-954-4409
NE
PE
ND
IN
SAMMAMISH PLATEAU
$925,000
Two story w/fully finished basement on a cul-de-sac & backing to greenery for added privacy. This updated Conner home has 5 bdrms 3.25 baths, office on main & lrg bonus rm located outside the family rm, upstairs loft, billiard, media, exercise rm and much more. www.lydiageline.com
LYDIA GELINE
206-419-0775
WEST OF MARKET
PE
ST
IN
G
$700,000
Spectacular, picturesque paradise in “Pike’s Peak” offering the ultimate NW lifestyle. Custom one owner 2-story traditional treasure features 4 bdrms, 2.5 bths, Den plus 280ft. enclosed Sunroom. Come home to Bridle Trails providing privacy & peacefulness of the country with the convenience of in-city living. kzatine@windermere.com
KAY ZATINE
206-954-4409
LD
G
$562,400
Unique, charming home w/City & Mtn views! 5 bdrms, 3 kitchens, 2.75 bths & detached MIL. Huge 910 sq ft deck off main level w/city & Mt Rainier views. Unique property w/2 separate living spaces + studio. 2 car gar off alley. Great location on 9th Ave!
KATHRYNE GREEN
425-766-1315
BELLEVUE/BRIDLE TRAILS
LI
SO
IN
EAST OF MARKET
$850,000
Modern & Cool architecture meets hot West of Market address w/sparkling Lake Wash, Mtn & City Views. Italian inspired home is designed for entertaining & located just a short stroll to Waverly Beach Park. Listing provided by Sarah Reed/RE/MAX.
KATHRYNE GREEN
ND
G
W
425-766-1315
BOTHELL
$489,000
A Stellar Bothell Community in Award Winning Northshore School Dist. Outstanding Craftsmanship & Wonderful Views! Large View Kitchen with Granite & Cooking Island, Master Suite plus Huge 22 X 23 Bonus room. Tandem 3rd garage. www.kirklandstyle.com
NATASHA BOSCH
425-766-8019
ROSE HILL
$458,000
Stunning remodel tucked away on a quiet, private lane in desirable Willows Crest. Rich, gleaming hdwd floors in living & dining rooms, kitchen & entry. Beautiful slab quartz countertops, cherry cabinets & stainless appls. 4 bdrms, 2 ½ baths.
CHELLE NELSON
206-953-5927 577823
DOWNTOWN KIRKLAND
Large one-level unit 240º views S to Seattle, W to Lake & Olympics, & N to Marina! Wrap-around decks. Stroll to the heart of town just 2 blocks. 2 BR+ Den w/views. Immaculate high-end finishes. www.BigDogRealty.com
[8] March 2, 2012
www.kirklandreporter.com
MARCH MADNESS
DON’T MISS OUT on Low Home Prices, Low Interest Rates PLUS $3,000 towards your Closing Costs. Now That’s a Special.
Please Call Me Today!
Your guide to Real Estate and home buying & selling
Become familiar with these five key areas
HARRY - 206-999-2107
588805
HarryRaatz@yahoo.com B.H.G. Executive Real Estate
HOMESELLERS
580571
Find out what homes down the street sold for! Free computerized list w/pics of area home sales and current listings. www.Free-Homeseller-reports.com Free recorded message 1-800-269-1403, ext. 2041 GSWAMC1, LLC
& COMPANY LLC
FINANCIAL, FORENSIC AND FRAUD SERVICES
425-891-8752 | www.bgco-llc.com
588508
9757 ne juanita drive #123, kirkland, washington 98034
Mortgage Capital Associates, Inc.
REAL ESTATE & FINANCE KIRKLAND
help “Let me h you wit ur g yo financin me.” o dream h
A
s an investor, what as well as contribute to a are your goals? You traditional or Roth IRA. can probably think After understanding your of quite a few — but over desired retirement lifestyle, the course of your lifetime, your financial advisor can your objectives typically help you determine how, will fall into five key catand how much, to save to egories. And once you’re provide for your income in familiar with these areas, retirement. you can start thinking of Planning for the unexwhat they’ll mean to you in pected — You can’t see terms of your financial into the future, so you’ll and investment need to prepare for strategies. anything that comes So, let’s take your way. By buildWhat are a look at each of ing an emergency your goals? fund these areas and containing six see what they to 12 months’ worth might entail for you: of living expenses, you Preparing for retirecan possibly avoid dipping ment — With advances in into your long-term investhealth care and a greater ments to pay for things awareness of healthy living such as a new furnace or practices, many of us can a major car repair. And expect to live two or three planning for the unexdecades in an active retirepected also means having ment. To pay for all those sufficient life insurance to years, you’ll need to save provide for your family in and invest early and often. case anything happens to So, while you’re working, you. take full advantage of your Educating your chil401(k) or other employerdren — College is already sponsored retirement plan, expensive — and college
Clive Egdes 206-251-1680
Windermere Real Estate/Central, Inc.
Clive@Windermere.com www.Kirklandhomelistings.com
425-275-0633 • Cell: 425-766-5408 • Fax: 425-275-0649 KNOWLEDGE • EXPERIENCE • VALUE
Gina Brown
Senior Loan Officer
Specializing in Kirkland Properties.
588810
loansbygina.com • gina@gmgloan.com • Lic # MLO#115337
“Exceptional Service, Extraordinary Results”
Patrick O’Neil
570882
Sr. Account Manager 206-930-2202 direct patrickoneil@cwtitle.net
588808
Ask me how to RECEIVE 10% off your title Your source for valuable Real Estate tools
YOU RIGHTFULLY EARNED IT. NOW RIGHTFULLY KEEP IT. Looking to keep more of your income and cut your taxes? Then tax-free municipal bonds* may be for you.
ARE YOU DREAMING OF MAKING A MOVE? Record low rates coupled with the lowest prices we have seen make this THE TIME to do just that. Please call me for a special package I have put together for move-up buyers with homes to sell all geared to maximizing your ROI.
*Bonds may be subject to state, local or the alternative minimum tax.
Call or visit your local financial advisor today.
Roslyn Comley
425-351-2208
Financial Advisor
588809
Coldwell Banker Bain President’s Elite Previews Specialist & Relocation Specialist www.roslyncomley.com
Sarah R Taylor, AAMS® 963 6th St S Kirkland, WA 98033 425-828-9087 588502
www.edwardjones.com Member SIPC
expenses have been rising faster than the overall rate of inflation. If you want to help your children, or grandchildren, pay for school, you may want to invest in a college savings vehicle, such as the 529 plan. You can contribute large amounts to a 529 plan, and earnings have the opportunity to grow tax-free, provided withdrawals are used for higher education. (Withdrawals not used for education are subject to income taxes and a 10 percent penalty.) Living in retirement — Once you reach retirement, your investment emphasis will shift somewhat, from accumulating resources to making them last. By working with a financial advisor, you can develop a withdrawal strategy that can help make sure you don’t outlive the income you receive from your 401(k), IRA and other sources. At the same time, given the possible length of your retirement, you can’t ignore the need to invest for growth, so you may need to consider some growth-oriented vehicles in your portfolio to help your income keep pace with inflation. Transferring your wealth — When you’ve worked hard your whole life, you want to be able to leave a legacy — one that allows you to provide financial resources to the next generation and to those charitable organizations you may wish to support. So, when it’s time to think about transferring your wealth, you’ll want to consult with your financial and legal advisors to create an estate plan that’s appropriate for your needs. And because these plans can take significant time to create, you won’t want to wait too long to start. So, there you have them: five key financial areas on which to focus as you travel through life. By doing your homework, planning ahead and getting the help you need, you can make the journey a pleasant and productive one.
Contact Edward Jones Financial Advisor Sarah R. Taylor in Kirkland at 425-828-9087.