Seattle, Washington Property Taxes
The median property tax rate in Seattle, WA is 1.60%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Seattle, the typical annual property tax bill reaches $2,517, slightly below the national median of $2,690. Property taxes in Seattle 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 Seattle'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 Seattle 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
Seattle, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,519
$2,461
Ownwell’s Seattle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seattle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seattle 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 Seattle, Washington
Property taxes in Seattle, WA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seattle is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Seattle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seattle 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 Seattle's effective property tax rate to other areas and the national median. For comparison, the zip code 98104 has both the highest and lowest median property tax rate of 1.60%. Understanding how these areas compare with Seattle 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 Seattle Tax Rate
1.60%
Average Whitman County Tax Rate
1.48%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98104 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Seattle, Washington
In Seattle, 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 Seattle, 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 Seattle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Seattle are both found in the 98104 zip code, amounting to $2,517.
Average Seattle Assessed Value
$157,420
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 Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98104 | $157,420 | $157,420 | $157,420 | $157,420 | $157,420 |
Source: Ownwell
Property Tax Bills Across Seattle, Washington
In Seattle, located in Whitman County, property tax bills are determined based on the assessed value of a home. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the tax bill. The median home price in Seattle is $157,420. Homeowners in this area face property tax bills that are relatively consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $2,517. This consistency is reflected across various zip codes within the city, including 98104, which both has the highest and lowest median tax bill of $2,517. This predictable tax bill can make financial planning easier for homeowners, but it also means that any changes in assessed property values or tax rates can have a significant impact. Compared to the national median property tax rate of 0.99%, Seattle's tax bills are notably higher, which can affect the overall affordability and cost of homeownership in the area.
Average Seattle Tax Bill
$2,517
Average Whitman County Tax Bill
$1,573
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98104 | $2,517 | $2,517 | $2,517 | $2,517 | $2,517 |
Source: Ownwell