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A comment on A global house-price slump is coming. Parent comment

Re:A global house-price slump is coming by __derek__ on Friday October 21, 2022 @02:13PM (#33291212)
> In Seattle, where the housing market is considered expensive, a 1.2m house only pays $7k in property taxes

Only if it has (a) an exemption or (b) an assessment well below market value. A typical house with a $1.2 million assessment will have paid over $10k in property taxes in 2022.

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Re:A global house-price slump is coming by turtlebits on Friday October 21, 2022 @02:54PM (#33291725)
All properties assess below market value, even new construction. A 1.2m house will generally assess for around 800k.
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Re:A global house-price slump is coming by __derek__ on Friday October 21, 2022 @03:11PM (#33291917)
That would be option (b) in my comment. Washington State law requires assessed values to be 100% of "true and fair value"[1] despite the fact that they tend to lag market value.

[1]: https://apps.leg.wa.gov/WAC/default.aspx?cite=458-07-030

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