Port Townsend, Washington Property Taxes
The median property tax rate in Port Townsend, WA is 0.85%, which is slightly lower than the Washington state median of 0.88% but still below the national median of 0.99%. With a median home value of $455,734, the typical annual property tax bill in Port Townsend reaches $3,752, significantly surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence exemption. Navigating Port Townsend's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Port Townsend or another part of Jefferson County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Port Townsend, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$3,874
$3,784
Ownwell’s Port Townsend Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Townsend with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Townsend 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 Port Townsend, Washington
Property taxes in Port Townsend, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Townsend is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Port Townsend set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Townsend 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 Port Townsend's effective property tax rate to other counties in Washington and the national median. For comparison, the 98368 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Port Townsend provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Port Townsend Tax Rate
0.85%
Average Jefferson County Tax Rate
0.82%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Townsend, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98368 | 0.78% | 0.83% | 0.85% | 0.85% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Port Townsend, Washington
In Port Townsend, 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 Jefferson 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 Port Townsend, 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 Port Townsend helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 98368 has the highest and lowest median tax bills, both at $3,752.
Property Tax Assessment Values Across Port Townsend, Washington
Source: Ownwell
$67,956
$305,205
$542,454
Average Port Townsend Assessed Value
$455,734
Average Jefferson County Assessed Value
$406,419
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Port Townsend, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98368 | $222,159 | $327,224 | $455,734 | $617,870 | $801,229 |
Source: Ownwell
Property Tax Bills Across Port Townsend, Washington
In Port Townsend, property tax bills are calculated based on the assessed value of the property, which is determined by the Jefferson County Assessor's Office. The assessed value is a percentage of the market value of the home. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, the median home price in Port Townsend is $455,734, and tax bills can range significantly. Homeowners in the 25th percentile can expect to pay around $2,555, while those in the 75th percentile may see bills as high as $5,143. The 90th percentile tax bill reaches up to $6,741. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure projects. However, for homeowners, higher property taxes can mean a significant financial burden, especially when compared to the national median property tax rate of 0.99%.
Average Port Townsend Tax Bill
$3,752
Average Jefferson County Tax Bill
$3,190
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Townsend, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98368 | $1,256 | $2,555 | $3,752 | $5,143 | $6,741 |
Source: Ownwell