Greenbank, Washington Property Taxes
The median property tax rate in Greenbank, WA is 0.75%, 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 Greenbank at $658,165, the typical annual property tax bill reaches $4,654, significantly higher than the national median of $2,690. Property taxes in Greenbank are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenbank'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 Greenbank or another part of Island County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenbank, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$4,936
$4,581
Ownwell’s Greenbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenbank 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 Greenbank, Washington
Property taxes in Greenbank, WA, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenbank is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenbank set these rates annually, and they can vary across different neighborhoods. Each year, Greenbank 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. Understanding how these cities compare with Greenbank provides valuable insights into the varying tax landscape across Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenbank Tax Rate
0.75%
Average Island County Tax Rate
0.68%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenbank, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | 0.65% | 0.70% | 0.75% | 0.76% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Greenbank, Washington
In Greenbank, 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 Island 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 Greenbank, 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 Greenbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greenbank are both found in the 98253 zip code, with a value of $4,654. The 25th percentile tax bill is $3,177, while the 75th percentile tax bill is $6,543, and the 90th percentile tax bill is $8,349.
Average Greenbank Assessed Value
$658,165
Average Island County Assessed Value
$541,558
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenbank, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | $310,200 | $463,430 | $658,165 | $905,545 | $1,149,200 |
Source: Ownwell
Property Tax Bills Across Greenbank, Washington
In Greenbank, located in Island County, WA, property tax bills are calculated based on the assessed value of your home. The median home price in Greenbank stands at $658,165, and property taxes are determined by multiplying this assessed value by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. Homeowners in Greenbank experience varying tax bills. For instance, the 25th percentile tax bill is $3,177, while those in the 75th percentile pay around $6,543. The 90th percentile sees even higher bills, reaching $8,349. Comparatively, the median property tax rate nationally is 0.99%, making Greenbank's tax bills relatively substantial. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the quality of life in Greenbank. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Greenbank Tax Bill
$4,654
Average Island County Tax Bill
$3,760
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenbank, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | $1,704 | $3,177 | $4,654 | $6,543 | $8,349 |
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 | |
|---|---|
| Island Tax Assessor | |
| Website | assessor.islandcountywa.gov |