Monroe, Washington Property Taxes
The median property tax rate in Monroe, WA is 1.01%, slightly higher than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $360,000 in Monroe, the typical annual property tax bill reaches $3,634, significantly exceeding the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monroe'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 Monroe 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
Monroe, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$3,636
$3,552
$1,148
Average Monroe, Washington Tax Savings
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe. 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 Monroe, Washington
Property taxes in Monroe, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.01%, higher than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Washington and the national median. For comparison, the 98272 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Monroe 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 Monroe Tax Rate
1.01%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
$1,148
Average Monroe Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Monroe, Washington
In Monroe, 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 Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 98272 has both the highest and lowest median tax bill at $3,634, reflecting the uniformity in property tax assessments within the city.
Property Tax Assessment Values Across Monroe, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Monroe Assessed Value
$360,000
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 Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 |
Source: Ownwell
$1,148
Average Monroe Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Monroe, Washington
In Monroe, King County, WA, property tax bills are calculated based on the assessed value of your home. The county assessor determines this value, which is then multiplied by the local tax rate to generate your tax bill. For example, with a median home price of $360,000, the property tax bill typically stands at $3,634, significantly higher than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, impacting your annual tax bill. Homeowners in Monroe often find their tax bills burdensome, but Ownwell can help alleviate this financial strain. By providing expert property tax appeal and exemption services, Ownwell ensures that your property is fairly assessed. This can lead to significant reductions in your tax bill, offering peace of mind and substantial savings. Trust Ownwell to navigate the complexities of property tax laws and secure the best possible outcome for your property taxes.
Average Monroe Tax Bill
$3,634
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | $3,634 | $3,634 | $3,634 | $3,634 | $3,634 |
Source: Ownwell
$1,148
Average Monroe 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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