Thorp, Washington Property Taxes
The median property tax rate in Thorp, WA is 0.80%, which is lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Thorp at $299,420, the typical annual property tax bill reaches $2,333, falling below the national median of $2,690. Property taxes in Thorp 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 Thorp'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 Thorp 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
Thorp, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$2,395
$2,340
Ownwell’s Thorp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorp 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 Thorp, Washington
Property taxes in Thorp, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorp is 0.96%, which is slightly lower than the Washington state median of 0.98% but still close to the U.S. national median of 0.99%. Local government entities within Thorp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorp 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 Thorp's effective property tax rate to other counties in Washington and the national median. For comparison, the highest median property tax rate in the county is 0.96% in the 98946 zip code, which is the same as the median rate in Thorp. Understanding how these cities compare with Thorp provides valuable insights into the varying tax landscape across Kittitas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thorp Tax Rate
0.80%
Average Kittitas County Tax Rate
0.67%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorp, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98946 | 0.79% | 0.79% | 0.80% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Thorp, Washington
In Thorp, 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 Kittitas 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. In Thorp, 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 Thorp 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 $2,333 in the 98946 zip code, while the lowest median tax bill is also $2,333 in the same zip code.
Average Thorp Assessed Value
$299,420
Average Kittitas County Assessed Value
$385,890
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thorp, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98946 | $132,500 | $228,882 | $299,420 | $420,292 | $536,160 |
Source: Ownwell
Property Tax Bills Across Thorp, Washington
In Thorp, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the home's market value, and it serves as the basis for the property tax rate applied. For instance, with a median home price of $299,420 in Thorp, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,728, while the 75th percentile tax bill reaches approximately $3,343. At the 90th percentile, property tax bills can soar to $4,269. These figures show a broad range in tax liabilities, influenced by factors such as property location, home size, and local tax rates. Compared to the national median property tax rate of 0.99%, Thorp's property tax rates can have a substantial impact on homeowners. Understanding these factors helps residents better anticipate and manage their annual property tax obligations, ensuring they are well-prepared for their financial responsibilities.
Average Thorp Tax Bill
$2,333
Average Kittitas County Tax Bill
$3,249
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorp, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98946 | $793 | $1,728 | $2,333 | $3,343 | $4,269 |
Source: Ownwell