Mercer Island, Washington Property Taxes
The median property tax rate in Mercer Island, WA is 0.61%, significantly lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $2,036,000 in Mercer Island, the typical annual property tax bill reaches $12,455, substantially higher than the national median of $2,690. Property taxes in Mercer Island are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemption. Understanding Mercer Island'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 Mercer Island 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
Mercer Island, Washington Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,760
$612
$1,148
Average Mercer Island, Washington Tax Savings
Ownwell’s Mercer Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mercer Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mercer Island 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 Mercer Island. 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 Mercer Island, Washington
Property taxes in Mercer Island, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer Island is 0.61%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Mercer Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer Island 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 Mercer Island's effective property tax rate to other areas in King County and the national median. For comparison, the 98040 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Mercer Island 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 Mercer Island Tax Rate
0.61%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
$1,148
Average Mercer Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mercer Island, Washington
In Mercer Island, 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 King 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. In Mercer Island, 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. The median home price in Mercer Island is $2,036,000, with tax bills varying significantly. For instance, the 25th percentile tax bill is $9,948, while the 75th percentile tax bill is $16,628. The highest median tax bill is $12,455 in the 98040 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mercer Island, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Mercer Island Assessed Value
$2,036,000
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 Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | $1,142,600 | $1,629,000 | $2,036,000 | $2,714,000 | $4,070,200 |
Source: Ownwell
$1,148
Average Mercer Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mercer Island, Washington
Property tax bills in Mercer Island, located in King County, WA, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The property tax rate in this region is influenced by state and local government budgets, school districts, and other public services. For Mercer Island, homeowners face a median tax bill of $12,455, which is significantly higher than the national median property tax rate of 0.99%. Factors such as the property's location, size, and market value are crucial in determining the final tax bill. Homeowners in Mercer Island can see tax bills ranging from $9,948 at the 25th percentile to $24,911 at the 90th percentile. These high tax bills can be burdensome, but Ownwell offers a solution by providing property tax appeal and exemption services. Ownwell's expertise can help homeowners identify potential errors in their assessed values and navigate the appeals process, potentially leading to substantial savings on their property tax bills.
Average Mercer Island Tax Bill
$12,455
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | $4,954 | $9,948 | $12,455 | $16,628 | $24,911 |
Source: Ownwell
$1,148
Average Mercer Island 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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