Olympia, Washington Property Taxes
The median property tax rate in Olympia, WA is 1.09%, higher than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $104,075 in Olympia, the typical annual property tax bill amounts to $1,134, surpassing the national median of $2,690. Property taxes in Olympia are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Olympia'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 Olympia 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
Olympia, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,134
$1,053
Ownwell’s Olympia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olympia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olympia 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 Olympia, Washington
Property taxes in Olympia, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olympia is 1.09%, higher than both the Washington state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Olympia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olympia 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 Olympia's effective property tax rate to other counties in Washington and the national median. For comparison, the 98501 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Olympia provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olympia Tax Rate
1.09%
Average Garfield County Tax Rate
1.09%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98501 | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Olympia, Washington
In Olympia, 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 Garfield 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. In Olympia, 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 Olympia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olympia are both $1,134, found in the 98501 zip code.
Average Olympia Assessed Value
$104,075
Average Garfield County Assessed Value
$80,275
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98501 | $104,075 | $104,075 | $104,075 | $104,075 | $104,075 |
Source: Ownwell
Property Tax Bills Across Olympia, Washington
Property tax bills in Olympia, located in Garfield County, WA, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. In Olympia, the median home price stands at $104,075. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors contribute to the final tax bill, including property characteristics, location, and any applicable exemptions. For example, the median property tax bill in Olympia is $1,134, which is significantly higher than the national median property tax rate of 0.99%. Homeowners in the 98501 zip code consistently see this amount, whether they fall in the 25th, 75th, or 90th percentile. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life. Understanding how these taxes are calculated can help homeowners budget accordingly and potentially explore tax appeal opportunities.
Average Olympia Tax Bill
$1,134
Average Garfield County Tax Bill
$789
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Olympia, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98501 | $1,134 | $1,134 | $1,134 | $1,134 | $1,134 |
Source: Ownwell