Yakima, Washington Property Taxes
The median property tax rate in Yakima, WA is 0.59%, considerably lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Yakima, the typical annual property tax bill reaches $1,510, significantly less than the national median of $2,690. Property taxes in Yakima 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 Yakima'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 Yakima 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
Yakima, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$1,260
$1,231
Ownwell’s Yakima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yakima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yakima 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 Yakima, Washington
Property taxes in Yakima, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yakima is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Yakima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yakima 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 Yakima's effective property tax rate to other areas in Washington and the national median. For comparison, the 98902 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Yakima 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 Yakima Tax Rate
0.59%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yakima, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98902 | 0.46% | 0.51% | 0.59% | 0.68% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Yakima, Washington
In Yakima, 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 Yakima County Assessor 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 in Yakima 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 Yakima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Yakima, the zip code 98902 has the highest and lowest median tax bill, both at $1,510, highlighting the importance of understanding local property tax assessments.
Average Yakima Assessed Value
$213,600
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 Yakima, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98902 | $96,000 | $140,100 | $213,600 | $287,100 | $331,200 |
Source: Ownwell
Property Tax Bills Across Yakima, Washington
Property tax bills in Yakima, located in Franklin County, WA, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Yakima is $213,600, and homeowners can expect varying tax bills depending on their property's value and location within the city. Factors such as property size, location, and improvements contribute to the assessed value. For instance, the 25th percentile tax bill is $898, while the 75th percentile tax bill reaches $2,121, and the 90th percentile tax bill is $2,489. The highest median tax bill in Yakima is $1,510 in the 98902 zip code, which aligns with the lowest median tax bill, indicating a relatively uniform tax rate across the area. Compared to the national median property tax rate of 0.99%, Yakima’s property taxes can significantly impact homeowners, influencing both affordability and long-term financial planning.
Average Yakima Tax Bill
$1,510
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Yakima, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98902 | $531 | $898 | $1,510 | $2,121 | $2,489 |
Source: Ownwell