Property taxes have increased across Snohomish County due voter approved tax measures and school levies that will go in affect in 2020.
Though not uncommon for Snohomish County residents to approve levies and tax measures, its that these increases have caught residents off guard due with their size and those residents have been voicing frustration across social media.
This frustration is not unwarranted and is actually understandable. Why? Some Snohomish County towns will experience double digit increase with Marysville being the highest at an average of 32% tax increase.
King5.com broke the story earlier this week and even had related articles on Marysville's massive tax hike and Pierce County's. Here is King5's video on Snohomish County's tax increase.
I was not only horrified by Marysville's increase, I was shocked when reading Darrington's average tax increase of 18.1%.
Snohomish County Tax Increase by Town for 2020
|2019 Average Residence Value||2019 Tax||2020 Average Residence Value||2020 Tax||Tax Change||Average % Value Change||Average % Tax Change|
How Soon will these Taxes Go into Effect?
Look for tax statements to be mailed out Febraury 14, 2020.
How will the Tax Increase Impact Your Household?
What used to disposable income used for sports, going out to dinner/movies/bowling, and/or for hobbies will be consumed by extra taxes.
Or in other words, your house payment is going up.
What will happen to Mortgage Payments?
Most home loans issued within Snohomish County includes property taxes and homeowner's insurance. When this is the case, when taxes and insurance increase then a mortgage payment follows suit and when taxes and insurance decrease then a mortgage payment decreases.
Also, when mortgage payment includes taxes and insurance then there is escrow account setup to pay those items when due.
If taxes or insurance go down then that escrow account will have a surplus and those funds will be refunded. If taxes and insurance rise then that escrow account will have a insufficient funds to pay. With taxes increasing so much it maybe wise to call the mortgage servicer, who the mortgage payment is sent to, to make sure there are adequate funds for the pending change.
Will this Tax Increase Change Your Decision on the most Recent Levy?
Definitely a personal answer here. Yesterday I delivered my ballot for a new Marysville levy and I didn't hesitate to vote No. The new levy would increase taxes 1.9% every year for the next 5 years which is on top of the 32% 2020 increase. I'm all for supporting fire service and schools yet it is hard to bear it every year.
We'd love to hear your thoughts.
How Can Homeowner's Ease their Tax Burden?
Refinance is the quickest option to reduce a monthly house payment. Here is a video from Joy Blodgett on taxes and refinancing to ease the burden of increasing property taxes.