King County property valuations are in the mail, and your home may not have increased in value as much as last year.

SEATTLE — After years of double-digits increases, growth of King County property values has slowed significantly.

The King County Assessor’s Office began mailing home valuations this week, and most areas are seeing growth in the low single-digit percentages, according to King County Assessor’s Office spokesperson Chris Vance.

King County has about 100 sub-areas that report assessed property values for 2019, and Vance says it will take several weeks for all to turn in official numbers. However, of the areas that have reported, Vashon Island saw a 3.1% increase in home values, Steel Lake in Federal Way saw a 4% hike, and Kentridge saw a 5.6% bump.

That trend is in line with a cooling housing market in King County, which has seen home prices stabilize and even dip in areas as inventory increases.

Northeast King County is the one area that didn’t follow that cooling trend. Carnation homes saw an 11.5% increase in assessed value this year, and Duvall saw a 10.2% jump, according to the assessor’s office. Vance also said Fall City saw significant growth in home values.

It’s important to note that while an owner’s home valuation may not have risen significantly, that doesn’t mean their taxes won’t increase. Property tax changes approved by voters and lawmakers have a larger impact on taxes than valuation does, according to the assessor’s office.