Malott, Washington Property Taxes
The median property tax rate in Malott, WA is 1.31%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Malott at $124,700, the typical annual property tax bill reaches $1,437, exceeding the national median of $2,690. Property taxes in Malott 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 Malott'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 Malott 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
Malott, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,634
$1,596
Ownwell’s Malott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malott 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 Malott, Washington
Property taxes in Malott, Washington, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Malott is 1.31%, significantly higher than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Malott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malott 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 Malott's effective property tax rate to other areas in Washington and the national median. For comparison, the 98829 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Malott 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 Malott Tax Rate
1.31%
Average Okanogan County Tax Rate
1.08%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98829 | 0.55% | 1.11% | 1.31% | 1.33% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Malott, Washington
In Malott, 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 Malott, 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 Malott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Malott are both $1,437, found in the 98829 zip code.
Average Malott Assessed Value
$124,700
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 Malott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98829 | $35,340 | $67,050 | $124,700 | $178,650 | $276,920 |
Source: Ownwell
Property Tax Bills Across Malott, Washington
In Malott, property tax bills are calculated based on the assessed value of a home, which is determined by the Okanogan County assessor. The assessed value is a percentage of the market value, reflecting the price the property would likely sell for in the current market. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Malott is $124,700, and homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is approximately $610, while at the 75th percentile, it rises to around $2,198. The 90th percentile sees tax bills as high as $3,744. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for Malott residents. Compared to the national median property tax rate of 0.99%, Malott's rates reflect the unique economic and property market conditions of the area.
Average Malott Tax Bill
$1,437
Average Okanogan County Tax Bill
$1,302
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Malott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98829 | $213 | $610 | $1,437 | $2,198 | $3,744 |
Source: Ownwell