Spokane, Washington Property Taxes
The median property tax rate in Spokane, WA is 0.80%, which is notably lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value in Spokane of $131,400, the typical annual property tax bill amounts to $1,051, significantly below the national median of $2,690. Property taxes in Spokane are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Spokane's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Spokane or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spokane, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,051
$1,027
Ownwell’s Spokane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spokane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spokane 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 Spokane, Washington
Property taxes in Spokane, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spokane is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Spokane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spokane 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 Spokane's effective property tax rate to other counties in Washington and the national median. For comparison, the 99208 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Spokane provides valuable insights into the varying tax landscape across Ferry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spokane Tax Rate
0.80%
Average Ferry County Tax Rate
0.93%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spokane, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99208 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Spokane, Washington
In Spokane, 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 Ferry 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 Spokane, 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 Spokane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 99208, with a median tax bill of $1,051.
Average Spokane Assessed Value
$131,400
Average Ferry County Assessed Value
$101,200
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spokane, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99208 | $131,400 | $131,400 | $131,400 | $131,400 | $131,400 |
Source: Ownwell
Property Tax Bills Across Spokane, Washington
In Spokane, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. In Ferry County, where Spokane is located, the median home price is $131,400. Homeowners in Spokane can expect a median property tax bill of approximately $1,051, which is consistent across various percentiles. Several factors influence the assessed value, including the property's location, size, and condition, as well as market trends. The local tax rate is another crucial factor and can vary depending on the funding needs of local services such as schools, public safety, and infrastructure. For homeowners, understanding how these elements interact is essential, as property taxes are a significant part of homeownership costs. Compared to the national median property tax rate of 0.99%, Spokane's property tax bills provide a moderate financial obligation for homeowners, ensuring vital community services are adequately funded.
Average Spokane Tax Bill
$1,051
Average Ferry County Tax Bill
$850
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Spokane, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99208 | $1,051 | $1,051 | $1,051 | $1,051 | $1,051 |
Source: Ownwell