Loomis, Washington Property Taxes
The median property tax rate in Loomis, WA is 1.10%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Loomis, the typical annual property tax bill reaches $1,303, exceeding the national median of $2,690. Property taxes in Loomis 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 Loomis'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 Loomis 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
Loomis, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,389
$1,357
Ownwell’s Loomis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loomis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loomis 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 Loomis, Washington
Property taxes in Loomis, Washington, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loomis is 1.10%, significantly higher than the U.S. national median of 0.99%. Local government entities within Loomis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loomis 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 Loomis's effective property tax rate to other areas and the national median. For comparison, the 98827 zip code has both the highest and lowest median property tax rate of 1.10%. Understanding how these cities compare with Loomis provides valuable insights into the varying tax landscape across Okanogan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loomis Tax Rate
1.10%
Average Okanogan County Tax Rate
1.08%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loomis, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98827 | 0.78% | 1.00% | 1.10% | 1.18% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Loomis, Washington
In Loomis, 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 Okanogan 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 Loomis, 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 Loomis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 98827, with a median tax bill of $1,303.
Average Loomis Assessed Value
$126,300
Average Okanogan County Assessed Value
$128,000
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loomis, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98827 | $24,500 | $68,800 | $126,300 | $229,800 | $344,700 |
Source: Ownwell
Property Tax Bills Across Loomis, Washington
In Loomis, property tax bills are calculated based on the assessed value of a home, which is determined by the Okanogan County Assessor's Office. The assessed value is typically a percentage of the market value of the property. Various factors influence this assessed value, including the size, location, and condition of the property. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For instance, in Loomis, the median home price is $126,300. Homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $448, while it rises to $2,281 at the 75th percentile, and can reach up to $3,902 at the 90th percentile. This variability in tax bills can impact homeowners differently, depending on the value of their property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Loomis homeowners may find themselves paying more or less, influencing their overall financial planning and investment in their property.
Average Loomis Tax Bill
$1,303
Average Okanogan County Tax Bill
$1,302
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Loomis, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98827 | $192 | $448 | $1,303 | $2,281 | $3,902 |
Source: Ownwell