Seattle, Washington Property Taxes
The median property tax rate in Seattle, WA is 0.68%, significantly lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $898,348 in Seattle, the typical annual property tax bill reaches $6,121, far surpassing the national median of $2,690. Property taxes in Seattle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Seattle's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Seattle or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Seattle, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$6,109
$5,968
Ownwell’s Seattle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seattle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seattle 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 Seattle, Washington
Property taxes in Seattle, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seattle is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within Seattle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seattle 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 Seattle's effective property tax rate to other counties in Washington and the national median. For comparison, the 98101 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Seattle 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 Seattle Tax Rate
0.68%
Average Island County Tax Rate
0.68%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98101 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Seattle, Washington
In Seattle, 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. 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 Seattle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 98101, both at $6,121.
Average Seattle Assessed Value
$898,348
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 Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98101 | $898,348 | $898,348 | $898,348 | $898,348 | $898,348 |
Source: Ownwell
Property Tax Bills Across Seattle, Washington
In Seattle, property tax bills are calculated based on the assessed value of your home, which is determined by the Island County Assessor's Office. The assessed value aims to reflect the market value of the property. Seattle's property tax rate is influenced by various local levies and voter-approved measures. For example, the median home price in Seattle is $898,348, and the median property tax bill is $6,121. This tax bill remains consistent across different percentiles and zip codes, such as 98101. The property tax rate in Seattle is higher than the national median property tax rate of 0.99%. This means homeowners in Seattle often pay more in property taxes compared to the national average. These taxes fund essential public services like education, transportation, and emergency services, directly impacting the quality of life in the community. Homeowners should be aware of how these factors contribute to their overall property tax bill and budget accordingly.
Average Seattle Tax Bill
$6,121
Average Island County Tax Bill
$3,760
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Seattle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98101 | $6,121 | $6,121 | $6,121 | $6,121 | $6,121 |
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 |