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Mercer Island, King County, Washington Property Taxes

  • Median Mercer Island, WA effective property tax rate: 0.61%, significantly lower than the national median of 1.02%, but lower than the WA state median of 0.88%.

  • Median Mercer Island, WA home value: $2,036,000

  • Median annual Mercer Island, WA tax bill: $12,455, $10,055 higher than the national median property tax bill of $2,400.

How are property taxes in King County calculated?

Property taxes in Mercer Island, WA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Mercer Island’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Mercer Island, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Mercer Island, King County, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.61%

Estimate Property Tax Bill

$12,420

$11,525

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Mercer Island Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mercer Island with just two data points.

By entering your property's estimated assessed value, our calculator applies Mercer Island’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in King County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Mercer Island, King County, Washington

Local government entities determine property tax rates, which can vary significantly within Washington. Each year, King County estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting these tax rates and budgets, this is the core of the annual process.

In Mercer Island, located in King County, the effective property tax rate is 0.61%, which is notably lower than the national median of 1.02%. This rate reflects the local government's budgetary needs and the total value of taxable properties in the area. When compared to other cities in Washington, Mercer Island's property tax rate is consistent with the median rate of the state.

Understanding these rates can help property owners anticipate their tax bills and explore potential savings through appeals or exemptions. By comparing these rates to national and state averages, property owners in Mercer Island can better assess their tax situation and make informed decisions.

Property Tax Rates Across Mercer Island, King County, Washington

Source: Ownwell

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0.61%

0.91%

1.22%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Mercer Island Tax Rate

0.61%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective King County Tax Rate

0.88%

Median Effective Washington Tax Rate

0.88%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Mercer Island, King County, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
980400.61%0.61%0.61%0.61%0.61%

Source: Ownwell

Property Tax Assessment Values Across Mercer Island, King County, Washington

When examining property taxes in Mercer Island, WA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The King County assessment office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In King County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Mercer Island. For example, the median home price in Mercer Island is $2,036,000, with tax bills ranging significantly across the county. 98040 has the highest median home price at $2,036,000.

Property Tax Assessment Values Across Mercer Island, King County, Washington

Source: Ownwell

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$238,500

$3,665,750

$7,093,000

Median Mercer Island Market Value

$2,036,000

Median King County Market Value

$770,000

Median Washington Market Value

$482,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Mercer Island, King County, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
98040$1,142,600$1,629,000$2,036,000$2,714,000$4,070,200

Source: Ownwell

Property Tax Bills Across Mercer Island, King County, Washington

In Mercer Island, King County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The local tax rate is then applied to this assessed value to calculate the annual tax bill. With a median home price of $2,036,000, homeowners in Mercer Island face significant property tax bills, with the median tax bill being notably higher than the national median of $2,400. Tax bills in this area range widely, with the 25th percentile at $9,948 and the 75th percentile reaching $16,628, while the 90th percentile can be as high as $24,911. Homeowners are significantly impacted by these taxes, as they represent a considerable portion of annual expenses. Ownwell can assist homeowners in Mercer Island by reviewing their property assessments and identifying potential discrepancies or opportunities for exemptions. By appealing incorrect assessments, Ownwell helps homeowners reduce their property tax burden, potentially saving them thousands of dollars annually.

Property Tax Bills Across Mercer Island, King County, Washington

Source: Ownwell

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$2,164

$22,678

$43,192

Median Mercer Island Tax Bill

$12,455

Median King County Tax Bill

$7,093

Median Washington Tax Bill

$4,284

Median United States Tax Bill

$2,400

Property Tax Bills Across Mercer Island, King County, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
98040$4,954$9,948$12,455$16,628$24,911

Source: Ownwell

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