Olympia, Washington Property Taxes
The median property tax rate in Olympia, WA is 0.91%, slightly lower than the national median of 0.99% but higher than the Washington state median of 0.88%. With a median home value of $449,784 in Olympia, the typical annual property tax bill amounts to $4,071, surpassing the national median of $2,690. Property taxes in Olympia are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Olympia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Olympia or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olympia, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$4,093
$3,999
Ownwell’s Olympia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olympia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olympia to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olympia, Washington
Property taxes in Olympia, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olympia is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Olympia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olympia estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Olympia's effective property tax rate to other counties in Washington and the national median. For comparison, the 98502 zip code has the highest median property tax rate of 0.91%, while the same 98502 zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Olympia provides valuable insights into the varying tax landscape across Grays Harbor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olympia Tax Rate
0.91%
Average Grays Harbor County Tax Rate
1.12%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98502 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Olympia, Washington
In Olympia, Washington, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grays Harbor County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Olympia, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, in the 98502 zip code, the median tax bill is $4,071. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Olympia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olympia Assessed Value
$449,784
Average Grays Harbor County Assessed Value
$186,974
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98502 | $449,784 | $449,784 | $449,784 | $449,784 | $449,784 |
Source: Ownwell
Property Tax Bills Across Olympia, Washington
In Olympia, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor's office. The assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. In Grays Harbor County, where Olympia is located, the median home price stands at $449,784. The property tax rate in this area results in a median tax bill of $4,071, which is higher than the national median property tax rate of 0.99%. Factors such as the home's market value, improvements made to the property, and neighborhood characteristics can influence the assessed value. This tax bill impacts homeowners by contributing to local services like schools, infrastructure, and emergency services. For homeowners in Olympia, understanding how these factors contribute to their tax bill can help in financial planning and property management. The consistency of the tax bills across different percentiles suggests a stable tax environment in the region.
Average Olympia Tax Bill
$4,071
Average Grays Harbor County Tax Bill
$1,990
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98502 | $4,071 | $4,071 | $4,071 | $4,071 | $4,071 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Grays Harbor Tax Assessor | |
| Website | graysharborwa-taxsifter.publicaccessnow.com |