Property tax rates in the Evergreen State can be divided into two groups: general, non-voter approved rates, and voter-approved special levies. That limit does not apply to new levies, or in other special cases like annexation or new construction. Thus, if a county’s budget this year is $3,000, next year it cannot be more than $3,030. Increases in a given taxing district’s levy are limited to 1% per year or the rate of inflation, whichever is lower. So, for example, if the sum of assessed values is $500,000 and taxing authority needs revenue of $2,500, the rate would be 0.5%. They are calculated based on the total of assessed value in a given tax district, and the total budget of a given taxing authority. Tax rates apply to those assessed values. Assessed value is determined through annually revaluations based on market data, and physical inspections that take place at least once every six years. Taxes on an individual property are based on two factors: the assessed value of the property and the total tax rate that applies to that property.
Property taxes pay for local services like fire protection, public schools and parks. In Washington State, taxes on real estate account for about 30% of all state and local tax revenues. How the Property Tax Works in Washington State Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. It contains comprehensive information on mortgage rates and getting a mortgage in Washington.Ī financial advisor in Washington can help you understand how homeownership fits into your overall financial goals. If this tax structure appeals to you and you’re looking to buy or refinance property in Washington, take a look at our Washington State mortgage guide.
The state’s average effective tax rate is 0.93%, though high home values mean the median annual property tax payment is over $3,600. Specifically, the total of general, non-voter approved taxes cannot be more than 1%, and the total tax levy in an area cannot increase by more than 1% in a year.Īs a result of those rules, Washington State has tax rates below the national average.
Property taxes in Washington State are limited by a number of laws that put caps on the amount homeowners can be taxed, and the amount those taxes can increase in a given year. Washington State Property Taxes Photo credit: ©/wwing
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