Diamond, Washington Property Taxes
The median property tax rate in Diamond, WA is 1.48%, significantly higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Diamond, the typical annual property tax bill reaches $1,673, exceeding the national median of $2,690. Property taxes in Diamond 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 Diamond'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 Diamond 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
Diamond, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$1,637
$1,600
Ownwell’s Diamond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond 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 Diamond, Washington
Property taxes in Diamond, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond is 1.48%, notably higher than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Diamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond 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 Diamond's effective property tax rate to other areas in Washington and the national median. For comparison, the 99111 zip code has both the highest and lowest median property tax rate of 1.46%. Understanding how these areas compare with Diamond provides valuable insights into the varying tax landscape across Whitman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Diamond Tax Rate
1.48%
Average Whitman County Tax Rate
1.48%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | 0.28% | 1.11% | 1.46% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Diamond, Washington
In Diamond, 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 Whitman 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 Diamond, 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 Diamond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Diamond, the median home price is $110,637. The property tax bills range from $718 at the 25th percentile to $4,180 at the 90th percentile. The highest and lowest median tax bills, both at $1,691, are found in the 99111 zip code.
Average Diamond Assessed Value
$110,637
Average Whitman County Assessed Value
$117,153
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Diamond, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | $29,734 | $62,268 | $111,833 | $163,857 | $321,122 |
Source: Ownwell
Property Tax Bills Across Diamond, Washington
In Diamond, Whitman County, WA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. For a median home price of $110,637, the property tax rate is applied to this value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements. In Diamond, the 25th percentile tax bill is $718, while the 75th percentile reaches $2,446, and the 90th percentile can be as high as $4,180. These figures show a range of what homeowners might expect to pay, depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Diamond's tax bills highlight the variability in property tax burdens. Homeowners must budget for these taxes as they can significantly impact annual housing costs and overall financial planning.
Average Diamond Tax Bill
$1,673
Average Whitman County Tax Bill
$1,573
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | $39 | $663 | $1,691 | $2,529 | $4,345 |
Source: Ownwell