Federal Way, Washington Property Taxes
The median property tax rate in Federal Way, WA is 0.99%, aligning with the national median of 0.99% but notably higher than the Washington state median of 0.88%. With a median home value of $529,000, the typical annual property tax bill in Federal Way amounts to $5,210, significantly exceeding the national median of $2,690. Property taxes in Federal Way are based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the intricacies of Federal Way'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 Federal Way or another part of King County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Federal Way, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$5,237
$5,116
$1,148
Average Federal Way, Washington Tax Savings
Ownwell’s Federal Way Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Federal Way with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Federal Way to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Federal Way. 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 Federal Way, Washington
Property taxes in Federal Way, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Federal Way is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Federal Way set these rates annually, and they can vary significantly across different neighborhoods. Each year, Federal Way 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 Federal Way's effective property tax rate to other areas in King County and the national median. For comparison, the 98003 zip code has the highest median property tax rate of 0.99%, while the 98001 zip code has the lowest median tax rate of 0.98%. Understanding how these areas compare with Federal Way provides valuable insights into the varying tax landscape across King County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Federal Way Tax Rate
0.99%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98001 | 0.97% | 0.98% | 0.98% | 0.98% | 0.99% |
| 98003 | 0.97% | 0.98% | 0.99% | 1.00% | 1.07% |
| 98023 | 0.97% | 0.98% | 0.99% | 0.99% | 1.00% |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Federal Way, Washington
Understanding the distinction between "market value" and "assessed value" is essential for navigating property taxes in Federal Way, WA. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the King County Appraisal District for tax purposes. Conversely, the assessed value is the market value minus any applicable exemptions or limits based on local laws and 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 Federal Way, 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. For instance, the highest median tax bill in the area is $6,056 in the zip code 98001, while the lowest median tax bill is $4,953 in the zip code 98003. By understanding these valuation concepts, property owners can better manage their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions. This knowledge is crucial for effectively managing your tax burden.
Property Tax Assessment Values Across Federal Way, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Federal Way Assessed Value
$529,000
Average King County Assessed Value
$770,000
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98001 | $468,000 | $557,000 | $622,500 | $698,500 | $768,800 |
| 98003 | $224,000 | $346,000 | $498,000 | $593,000 | $723,000 |
| 98023 | $380,000 | $475,000 | $543,000 | $627,000 | $746,400 |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Federal Way, Washington
In Federal Way, located in King County, WA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price here is $529,000, with a tax rate that often results in bills significantly higher than the national median property tax rate of 0.99%. For instance, homeowners in the 25th percentile can expect tax bills around $4,249, while those in the 75th percentile might see bills as high as $6,094. Factors such as property size, location, and improvements can influence the assessed value, directly impacting the tax bill. Homeowners in Federal Way may find their tax bills burdensome, especially when the highest median tax bill in the area can reach up to $6,056 in zip code 98001. Ownwell offers a solution by providing property tax appeal and exemption services. Our experts can help you contest over-assessed property values, potentially saving you hundreds or even thousands of dollars on your annual property tax bill.
Average Federal Way Tax Bill
$5,210
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98001 | $4,220 | $5,374 | $6,056 | $6,798 | $7,478 |
| 98003 | $2,032 | $3,136 | $4,953 | $5,938 | $7,338 |
| 98023 | $2,932 | $4,601 | $5,314 | $6,123 | $7,255 |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| King Tax Assessor | |
| Phone | (206) 296-7300 |
| Website | blue.kingcounty.com |
| assessor.info@kingcounty.gov | |
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