Soap Lake, Washington Property Taxes
The median property tax rate in Soap Lake, WA is 1.04%, slightly higher than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $88,000 in Soap Lake, the typical annual property tax bill is around $798, which is below the national median of $2,690. Property taxes in Soap Lake are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Soap Lake'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 Soap Lake 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
Soap Lake, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$915
$849
Ownwell’s Soap Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Soap Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Soap Lake 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 Soap Lake, Washington
Property taxes in Soap Lake, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Soap Lake is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Soap Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soap Lake 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 Soap Lake's effective property tax rate to other counties in Washington and the national median. For comparison, the 98851 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Soap Lake provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Soap Lake Tax Rate
1.04%
Average Grant County Tax Rate
1.20%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Soap Lake, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98851 | 0.61% | 0.95% | 1.04% | 1.20% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Soap Lake, Washington
In Soap Lake, 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 Grant County Assessor's Office 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 Soap Lake, 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 Soap Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $798.00 in zip code 98851, which is significantly above the national median property tax rate of 0.99%.
Average Soap Lake Assessed Value
$88,000
Average Grant County Assessed Value
$135,922
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Soap Lake, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98851 | $4,605 | $19,260 | $88,000 | $174,845 | $260,030 |
Source: Ownwell
Property Tax Bills Across Soap Lake, Washington
In Soap Lake, located in Grant County, WA, property tax bills 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 reflects the property's market value. Homeowners in Soap Lake can expect to see a range of property tax bills, with the 25th percentile at $155 and the 75th percentile at $1,762. The 90th percentile reaches up to $2,702, indicating that higher-value properties incur significantly higher taxes. For context, the median property tax rate nationally is 0.99%, which can be used to gauge how local rates compare. In Soap Lake, the median tax bill stands at $798, which is consistent across the zip code 98851. This median figure provides a benchmark for homeowners to understand their potential tax liability. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Soap Lake Tax Bill
$798
Average Grant County Tax Bill
$1,560
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Soap Lake, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98851 | $46 | $155 | $798 | $1,762 | $2,702 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Grant Tax Assessor | |
| Website | grantwa-taxsifter.publicaccessnow.com |