Covington, Washington Property Taxes
The median property tax rate in Covington, WA is 1.05%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Covington at $565,000, the typical annual property tax bill reaches $5,924, exceeding the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Covington'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 Covington 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
Covington, Washington Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,760
$612
$1,148
Average Covington, Washington Tax Savings
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Covington. 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 Covington, Washington
Property taxes in Covington, Washington, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 1.05%, higher than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in Washington and the national median. For comparison, the 98042 zip code has the highest median property tax rate of 1.05%, while the 98042 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across King County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
1.05%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98042 | 1.04% | 1.05% | 1.05% | 1.06% | 1.08% |
Source: Ownwell
$1,148
Average Covington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Covington, Washington
In Covington, 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 King County Appraisal District 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. Assessment notices in Covington 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. 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Covington are both $5,925 in the 98042 zip code.
Property Tax Assessment Values Across Covington, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Covington Assessed Value
$565,000
Average King County Assessed Value
$770,000
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98042 | $419,000 | $486,000 | $565,000 | $655,000 | $742,000 |
Source: Ownwell
$1,148
Average Covington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Covington, Washington
In Covington, King County, WA, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor's office. This assessed value is then multiplied by the local property tax rate. For example, with a median home price of $565,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $5,121, while the 75th percentile tax bill reaches $6,851. At the 90th percentile, it can go up to $7,702. These property tax bills can place a significant financial burden on homeowners. Ownwell offers a solution by providing property tax appeal and exemption services. Our experts analyze your property's assessed value and identify opportunities for reductions. By filing appeals and ensuring you receive all eligible exemptions, we help you lower your property tax bill, making homeownership more affordable. Trust Ownwell to navigate the complexities of property taxes and secure the savings you deserve.
Average Covington Tax Bill
$5,924
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98042 | $4,405 | $5,121 | $5,925 | $6,851 | $7,702 |
Source: Ownwell
$1,148
Average Covington Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| King Tax Assessor | |
| Phone | (206) 296-7300 |
| Website | blue.kingcounty.com |
| assessor.info@kingcounty.gov | |
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