Lake Forest Park, Washington Property Taxes
The median property tax rate in Lake Forest Park, WA is 1.01%, higher than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $1,136,845 in Lake Forest Park, the typical annual property tax bill reaches $11,459, significantly exceeding the national median of $2,690. Property taxes in Lake Forest Park are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence exemption. Understanding Lake Forest Park'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 Lake Forest Park 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
Lake Forest Park, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$11,482
-$120,333
Ownwell’s Lake Forest Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Forest Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Forest Park 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 Lake Forest Park, Washington
Property taxes in Lake Forest Park, Washington, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Forest Park is 0.93%, which is lower than both the Washington state median of 0.98% and the U.S. national median of 0.99%. Local government entities within Lake Forest Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Forest Park 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 Lake Forest Park's effective property tax rate to other counties in Washington and the national median. For comparison, the 98155 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Lake Forest Park 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 Lake Forest Park Tax Rate
1.01%
Average Mason County Tax Rate
0.86%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Forest Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98155 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Lake Forest Park, Washington
In Lake Forest Park, 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 Mason 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 Lake Forest Park, 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 Lake Forest Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both amount to $11,459 in the 98155 zip code.
Property Tax Assessment Values Across Lake Forest Park, Washington
Source: Ownwell
$110,185
$623,515
$1,136,845
Average Lake Forest Park Assessed Value
$1,136,845
Average Mason County Assessed Value
$304,420
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Forest Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98155 | $1,136,845 | $1,136,845 | $1,136,845 | $1,136,845 | $1,136,845 |
Source: Ownwell
Property Tax Bills Across Lake Forest Park, Washington
In Lake Forest Park, 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 calculate the annual property tax bill. The median home price in Lake Forest Park is $1,136,845, and the median property tax bill is $11,459, reflecting a rate that is significantly higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, improvements made, and comparable sales in the area. Homeowners in Lake Forest Park face a consistent tax bill, as data shows that the 25th, 75th, and 90th percentile tax bills are all $11,459. This uniformity suggests a stable and predictable tax environment for residents. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and long-term financial planning. However, the services and infrastructure funded by these taxes contribute to the overall quality of life in the community.
Average Lake Forest Park Tax Bill
$11,459
Average Mason County Tax Bill
$2,654
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Forest Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98155 | $11,459 | $11,459 | $11,459 | $11,459 | $11,459 |
Source: 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 | |
|---|---|
| Mason Tax Assessor | |
| Website | property.masoncountywa.gov |