Medina, Washington Property Taxes
The median property tax rate in Medina, WA is 0.68%, significantly lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Medina at $4,118,000, the typical annual property tax bill reaches $27,962, which far exceeds the national median of $2,690. Property taxes in Medina are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medina'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 Medina 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
Medina, 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 Medina, Washington Tax Savings
Ownwell’s Medina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medina 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 Medina. 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 Medina, Washington
Property taxes in Medina, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medina is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Medina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medina 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 Medina's effective property tax rate to other areas in King County and the national median. For comparison, the zip code 98004 has the highest median property tax rate of 0.68%, while the zip code 98039 has the lowest median tax rate of 0.68%. Understanding how these areas compare with Medina 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 Medina Tax Rate
0.68%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medina, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98004 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| 98039 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
$1,148
Average Medina Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Medina, Washington
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medina, WA. 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 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. 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. 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 Medina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $27,962 in the 98039 zip code, while the lowest is $11,703 in the 98004 zip code.
Property Tax Assessment Values Across Medina, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Medina Assessed Value
$4,118,000
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 Medina, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98004 | $1,722,000 | $1,722,000 | $1,722,000 | $1,722,000 | $1,722,000 |
| 98039 | $2,493,200 | $3,024,000 | $4,118,000 | $5,937,000 | $10,860,800 |
Source: Ownwell
$1,148
Average Medina Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Medina, Washington
In Medina, located in King County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Medina stands at $4,118,000, significantly higher than the national average. Property tax rates in Medina vary but are generally influenced by factors such as local levies and bonds approved by voters. For instance, tax bills in Medina range widely, with the 25th percentile at $20,489 and the 90th percentile reaching $73,313. Homeowners in Medina face substantial property tax bills due to the high property values in the area. This financial burden can be alleviated with the help of Ownwell, which specializes in property tax appeal and exemption services. By leveraging their expertise, Ownwell can assist homeowners in challenging their assessed values, potentially lowering their tax bills and saving them thousands of dollars annually. This service is particularly beneficial in high-tax areas like Medina, where even a small reduction in assessed value can lead to significant savings.
Average Medina Tax Bill
$27,962
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Medina, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98004 | $11,703 | $11,703 | $11,703 | $11,703 | $11,703 |
| 98039 | $16,603 | $20,525 | $27,962 | $40,305 | $73,322 |
Source: Ownwell
$1,148
Average Medina 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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