Prescott, Washington Property Taxes
The median property tax rate in Prescott, WA is 0.87%, slightly below both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $112,220 in Prescott, the typical annual property tax bill is $693, which is significantly lower than the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, often lower than market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prescott'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 Prescott 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
Prescott, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$976
$954
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Washington
Property taxes in Prescott, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.87%, lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Washington and the national median. For comparison, the 99348 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Walla Walla County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
0.87%
Average Walla Walla County Tax Rate
0.91%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | 0.52% | 0.64% | 0.87% | 0.87% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Washington
In Prescott, 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 Walla Walla 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 Prescott 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Prescott is $693.00 in zip code 99348, which is also the lowest median tax bill.
Average Prescott Assessed Value
$112,220
Average Walla Walla County Assessed Value
$340,770
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | $10,601 | $25,415 | $112,220 | $216,800 | $314,166 |
Source: Ownwell
Property Tax Bills Across Prescott, Washington
In Prescott, Walla Walla County, WA, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the county's property tax rate. Factors such as location, property size, and home improvements can influence the assessed value. For homeowners in Prescott, the median home price is $112,220. The property tax rate in Walla Walla County is applied to this value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $239, while those in the 75th percentile might see a bill closer to $1,639. At the 90th percentile, tax bills can reach up to $2,346. Compared to the national median property tax rate of 0.99%, Prescott's property tax bills reflect the specific economic and real estate conditions of the area, impacting homeowners differently based on their property's assessed value. This system ensures that property taxes are proportionate to the value of the property, contributing to local services and infrastructure.
Average Prescott Tax Bill
$693
Average Walla Walla County Tax Bill
$3,092
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | $69 | $239 | $693 | $1,639 | $2,346 |
Source: Ownwell