Port Ludlow, Washington Property Taxes
The median property tax rate in Port Ludlow, WA is 0.77%, lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Port Ludlow at $521,958, the typical annual property tax bill reaches $4,003, surpassing the national median of $2,690. Property taxes in Port Ludlow 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 Port Ludlow'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 Port Ludlow 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
Port Ludlow, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$4,019
$3,926
Ownwell’s Port Ludlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Ludlow 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 Port Ludlow, Washington
Property taxes in Port Ludlow, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Ludlow is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Port Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Ludlow 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 Port Ludlow's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 98365 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Port Ludlow 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 Port Ludlow 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 Port Ludlow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98365 | 0.76% | 0.77% | 0.77% | 0.78% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Port Ludlow, Washington
In Port Ludlow, 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 Port Ludlow, 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 Port Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Port Ludlow is $521,958, with the highest and lowest median tax bills both being $4,003 in the 98365 zip code.
Average Port Ludlow Assessed Value
$521,958
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 Port Ludlow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98365 | $271,072 | $393,360 | $521,958 | $668,327 | $870,818 |
Source: Ownwell
Property Tax Bills Across Port Ludlow, Washington
In Port Ludlow, located in Jefferson County, WA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Port Ludlow can expect their property tax bill to be influenced by the median home price, which stands at $521,958. The tax rate in this region is applied to the assessed value to determine the annual tax bill. For example, the tax bill for homes in the 25th percentile is around $3,009, while those in the 75th percentile face bills closer to $5,138. At the 90th percentile, the tax bill can reach up to $6,689. The highest median tax bill in the area is approximately $4,003. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Port Ludlow may find their tax bills relatively higher, reflecting the region's property values and local tax rates.
Average Port Ludlow Tax Bill
$4,003
Average Jefferson County Tax Bill
$3,190
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Ludlow, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98365 | $1,854 | $3,009 | $4,003 | $5,138 | $6,689 |
Source: Ownwell