Preston, Washington Property Taxes
The median property tax rate in Preston, WA is 0.95%, slightly below the national median of 0.99% but above the Washington state median of 0.88%. With a median home value of $1,338,000 in Preston, the typical annual property tax bill reaches $12,106, significantly exceeding the national median of $2,690. Property taxes in Preston are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Preston'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 Preston 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
Preston, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$12,711
$12,418
$1,148
Average Preston, Washington Tax Savings
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Preston. 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 Preston, Washington
Property taxes in Preston, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other areas in King County and the national median. For comparison, the 98050 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Preston provides valuable insights into the varying tax landscape across King County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
0.95%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98050 | 0.77% | 0.88% | 0.95% | 0.97% | 0.99% |
Source: Ownwell
$1,148
Average Preston Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Preston, Washington
In Preston, 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 King 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. In Preston, 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Preston is $1,338,000, with the 25th percentile tax bill at $7,079 and the 75th percentile at $17,029. The highest and lowest median tax bills are both $12,106 in zip code 98050.
Property Tax Assessment Values Across Preston, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Preston Assessed Value
$1,338,000
Average King County Assessed Value
$770,000
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98050 | $563,400 | $815,000 | $1,338,000 | $1,843,000 | $2,256,000 |
Source: Ownwell
$1,148
Average Preston Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Preston, Washington
In Preston, King County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $1,338,000, homeowners in Preston can expect varying tax bills. The 25th percentile tax bill is $7,079, while the 75th percentile reaches $17,029, and the 90th percentile can be as high as $20,908. These figures are significantly above the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. High property taxes can strain homeowners, making it essential to explore ways to reduce these costs. Ownwell assists homeowners by providing property tax appeal and exemption services, potentially lowering the assessed value and securing exemptions, thereby reducing the overall tax burden. This professional assistance can lead to substantial savings on property tax bills.
Average Preston Tax Bill
$12,106
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98050 | $4,734 | $7,079 | $12,106 | $17,029 | $20,908 |
Source: Ownwell
$1,148
Average Preston Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| King Tax Assessor | |
| Phone | (206) 296-7300 |
| Website | blue.kingcounty.com |
| assessor.info@kingcounty.gov | |
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