Bow, Washington Property Taxes
The median property tax rate in Bow, WA is 0.72%, 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 of $357,500 in Bow, the typical annual property tax bill amounts to $2,580, slightly under the national median of $2,690. Property taxes in Bow are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Bow'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 Bow or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bow, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,574
$2,389
Ownwell’s BOW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BOW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BOW 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 Bow, Washington
Property taxes in BOW, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BOW is 0.72%, which is lower than both the Washington state median of 0.93% and the U.S. national median of 0.99%. Local government entities within BOW set these rates annually, and they can vary significantly across different neighborhoods. Each year, BOW 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 BOW's effective property tax rate to other counties in Washington and the national median. For comparison, the 98232 zip code has the highest median property tax rate of 0.72%, while the 98232 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with BOW provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bow Tax Rate
0.72%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98232 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Bow, Washington
In BOW, 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 Franklin 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 BOW, 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 BOW helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in BOW are both $2,580, with the zip code 98232.
Average Bow Assessed Value
$357,500
Average Franklin County Assessed Value
$384,600
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98232 | $357,500 | $357,500 | $357,500 | $357,500 | $357,500 |
Source: Ownwell
Property Tax Bills Across Bow, Washington
In BOW, located in Franklin County, WA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value as determined by county assessors. Local tax rates are set by various taxing authorities, such as school districts, municipalities, and special districts, each contributing to the overall rate. For homeowners in BOW, the median home price is $357,500, and the property tax rate is calculated to generate a median tax bill of $2,580. This tax bill remains consistent across the 25th, 75th, and 90th percentiles, indicating a uniformity in property tax charges within the region. Compared to the national median property tax rate of 0.99%, the tax rate in BOW can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Bow Tax Bill
$2,580
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Bow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98232 | $2,580 | $2,580 | $2,580 | $2,580 | $2,580 |
Source: Ownwell