Prescott, Washington Property Taxes
The median property tax rate in Prescott, WA is 1.24%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Prescott at $215,645, the typical annual property tax bill reaches $2,695, slightly exceeding the national median of $2,690. Property taxes in Prescott 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 Prescott'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 Prescott 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
Prescott, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,674
$2,612
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Washington
Property taxes in Prescott, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other areas within Columbia County and the national median. For comparison, the zip code 99348 has both the highest and lowest median property tax rate of 1.24%, which is the same as Prescott's rate. Understanding how these areas compare with Prescott provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
1.24%
Average Columbia County Tax Rate
1.11%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | 1.23% | 1.24% | 1.24% | 1.24% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Washington
In Prescott, 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 Columbia 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Prescott is $2,695, found in zip code 99348, which is also the lowest median tax bill in the area.
Average Prescott Assessed Value
$215,645
Average Columbia County Assessed Value
$131,885
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | $43,860 | $112,460 | $215,645 | $307,948 | $366,600 |
Source: Ownwell
Property Tax Bills Across Prescott, Washington
In Prescott, Columbia County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value, and this valuation is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Prescott is $215,645, and homeowners can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,406, while the 75th percentile tax bill reaches $3,805, and those in the 90th percentile may see bills as high as $4,529. These figures indicate that Prescott's property tax rates can lead to substantial annual expenses for homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Prescott Tax Bill
$2,695
Average Columbia County Tax Bill
$1,310
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99348 | $543 | $1,406 | $2,695 | $3,805 | $4,529 |
Source: Ownwell