Chimacum, Washington Property Taxes
The median property tax rate in Chimacum, WA is 0.77%, which is notably lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $271,309 in Chimacum, the typical annual property tax bill amounts to $2,032, falling short of the national median of $2,690. Property taxes in Chimacum are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Chimacum'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 Chimacum or another part of Jefferson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chimacum, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,089
$1,939
Ownwell’s Chimacum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chimacum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chimacum 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 Jefferson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chimacum, Washington
Property taxes in Chimacum, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chimacum is 0.77%, lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Chimacum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chimacum 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 Chimacum's effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 98325 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Chimacum provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chimacum Tax Rate
0.77%
Average Jefferson County Tax Rate
0.82%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chimacum, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98325 | 0.75% | 0.76% | 0.77% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Chimacum, Washington
In Chimacum, 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 Jefferson 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 Chimacum, 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 Chimacum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Chimacum is $271,309, with tax bills ranging from $1,174 at the 25th percentile to $4,111 at the 90th percentile. Interestingly, the highest and lowest median tax bills both amount to $2,032 in zip code 98325.
Average Chimacum Assessed Value
$271,309
Average Jefferson County Assessed Value
$406,419
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chimacum, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98325 | $80,377 | $162,078 | $271,309 | $397,682 | $540,328 |
Source: Ownwell
Property Tax Bills Across Chimacum, Washington
In Chimacum, property tax bills are determined by assessing the value of your home and applying the local tax rate. The median home price in the area is $271,309, and the local property tax rate is calculated based on this assessed value. Factors such as location within Jefferson County, property size, and any applicable exemptions are considered. For instance, the 25th percentile of tax bills is around $1,174, while the 75th percentile is approximately $2,981, showcasing the range homeowners might expect. Homeowners in Chimacum experience varied tax bills, with the 90th percentile reaching up to $4,111. This can significantly impact household budgets, making it crucial for homeowners to understand their assessed values and potential exemptions. The highest and lowest median tax bills in the area both stand at $2,032, indicating a level of consistency within specific zip codes like 98325. Compared to the national median property tax rate of 0.99%, Chimacum's rates reflect local economic conditions and property values.
Average Chimacum Tax Bill
$2,032
Average Jefferson County Tax Bill
$3,190
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Chimacum, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98325 | $414 | $1,174 | $2,032 | $2,981 | $4,111 |
Source: Ownwell