Grand Terrace, Washington Property Taxes
The median property tax rate in Grand Terrace, WA is 0.67%, which is notably lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Grand Terrace at $486,500, the typical annual property tax bill reaches $3,259, surpassing the national median of $2,690. Property taxes in Grand Terrace 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 Grand Terrace'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 Grand Terrace 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
Grand Terrace, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$3,260
$3,184
Ownwell’s Grand Terrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Terrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Terrace 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 Grand Terrace, Washington
Property taxes in Grand Terrace, WA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Terrace is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Grand Terrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Terrace 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 Grand Terrace's effective property tax rate to other counties in Washington and the national median. For comparison, the 92313 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Grand Terrace 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 Grand Terrace Tax Rate
0.67%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Terrace, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92313 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Grand Terrace, Washington
In Grand Terrace, 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. 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 Grand Terrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Grand Terrace, the highest and lowest median tax bills are both $3,259, specifically in the 92313 zip code.
Property Tax Assessment Values Across Grand Terrace, Washington
Source: Ownwell
$79,000
$400,800
$722,600
Average Grand Terrace Assessed Value
$486,500
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 Grand Terrace, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92313 | $486,500 | $486,500 | $486,500 | $486,500 | $486,500 |
Source: Ownwell
Property Tax Bills Across Grand Terrace, Washington
In Grand Terrace, Franklin County, WA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Grand Terrace is $486,500. Property taxes are calculated based on this assessed value, and the tax rate is applied to determine the annual tax bill. Homeowners in Grand Terrace can expect a median tax bill of $3,259, which is identical across different percentiles, indicating a flat rate application for the area. Several factors influence the property tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. This tax bill directly impacts homeowners by contributing to their annual housing costs. Compared to the national median property tax rate of 0.99%, the tax rate in Grand Terrace can be seen as a significant factor in the overall cost of homeownership. Homeowners must budget accordingly to accommodate this recurring expense.
Average Grand Terrace Tax Bill
$3,259
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Terrace, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92313 | $3,259 | $3,259 | $3,259 | $3,259 | $3,259 |
Source: Ownwell