Richland, Washington Property Taxes
The median property tax rate in Richland, WA is 0.64%, considerably lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Richland at $321,900, the typical annual property tax bill reaches $2,048, which is below the national median of $2,690. Property taxes in Richland 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 Richland'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 Richland 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
Richland, Washington Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,760
Ownwell’s Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richland 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 Richland, Washington
Property taxes in Richland, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 99352 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Richland provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
0.64%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99352 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| 99354 | 0.12% | 0.22% | 0.38% | 0.55% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Richland, Washington
In Richland, 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 Franklin 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 Richland, 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 Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richland is $2,048 in the 99352 zip code, while the lowest median tax bill is $1,226 in the 99354 zip code.
Average Richland Assessed Value
$321,900
Average Franklin County Assessed Value
$384,600
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richland, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99352 | $321,900 | $321,900 | $321,900 | $321,900 | $321,900 |
| 99354 | $296,710 | $300,925 | $307,950 | $314,975 | $319,190 |
Source: Ownwell
Property Tax Bills Across Richland, Washington
Property tax bills in Richland, Franklin County, WA are calculated based on the assessed value of your property. The local tax assessor determines this value, which is often a percentage of the market value. In Richland, the median home price is $321,900. The property tax rate in this area can result in varying tax bills. For instance, homeowners in the 25th percentile may see tax bills around $1,104, whereas those in the 75th percentile could pay up to $2,170. At the 90th percentile, tax bills can reach $2,243. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. The highest median tax bill in Richland is $2,048 in the 99352 zip code, while the lowest is $1,226 in the 99354 zip code. These taxes impact homeowners by affecting their annual expenses and potentially influencing their financial planning. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how Richland's rates stack up.
Average Richland Tax Bill
$2,048
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99352 | $2,048 | $2,048 | $2,048 | $2,048 | $2,048 |
| 99354 | $373 | $693 | $1,226 | $1,758 | $2,078 |
Source: Ownwell