Newcastle, Washington Property Taxes
The median property tax rate in Newcastle, WA is 0.88%, aligning with the state median but still below the national median of 0.99%. With a median home value of $1,192,000 in Newcastle, the typical annual property tax bill reaches $10,440, far exceeding the national median of $2,690. Property taxes in Newcastle 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 Newcastle'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 Newcastle 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
Newcastle, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$10,490
$9,734
$1,148
Average Tax Savings
Ownwell’s Newcastle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newcastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newcastle 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 Newcastle. 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 Newcastle, Washington
Property taxes in Newcastle, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newcastle is 0.88%, which is lower than the Washington state median but still below the U.S. national median of 0.99%. Local government entities within Newcastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newcastle 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 Newcastle's effective property tax rate to other areas in Washington and the national median. For comparison, the 98056 zip code has the highest median property tax rate of 0.90%, while the 98059 zip code has the lowest median tax rate of 0.82%. Understanding how these cities compare with Newcastle 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 Newcastle Tax Rate
0.88%
Average King County Tax Rate
0.88%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newcastle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | 0.87% | 0.88% | 0.90% | 0.91% | 0.92% |
| 98059 | 0.81% | 0.82% | 0.82% | 0.84% | 0.85% |
Source: Ownwell
$1,148
Average Newcastle Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Newcastle, Washington
In Newcastle, 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 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. 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 Newcastle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Newcastle, the zip code with the highest median tax bill is 98059 at $12,033, while the lowest is 98056 at $10,035. This variance highlights the importance of understanding local valuation processes to manage property tax obligations effectively.
Property Tax Assessment Values Across Newcastle, Washington
Source: Ownwell
$238,500
$11,294,750
$22,351,000
Average Newcastle Assessed Value
$1,192,000
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 Newcastle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | $842,000 | $981,750 | $1,131,000 | $1,297,000 | $1,486,100 |
| 98059 | $359,000 | $568,750 | $1,465,500 | $1,828,750 | $2,352,300 |
Source: Ownwell
$1,148
Average Newcastle Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Newcastle, Washington
In Newcastle, WA, property tax bills are determined based on the assessed value of a home, which is often a fraction of its market value. The median home price in Newcastle is $1,192,000, and property tax rates are applied to this assessed value to calculate the tax bill. Various factors, including the property's location within King County, specific levies, and local government budgets, influence the final tax amount. Homeowners in Newcastle can expect tax bills ranging from $8,322 at the 25th percentile to $16,367 at the 90th percentile, with the highest median tax bill reaching $12,033 in the 98059 zip code. For homeowners looking to reduce their property tax burden, Ownwell offers professional property tax appeal and exemption services. By analyzing the assessed value and market conditions, Ownwell can identify discrepancies and file appeals to ensure homeowners are not overpaying. This expert intervention can lead to significant savings, helping Newcastle residents manage their property tax expenses more effectively.
Average Newcastle Tax Bill
$10,440
Average King County Tax Bill
$7,093
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Newcastle, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | $7,360 | $8,747 | $10,035 | $11,554 | $13,114 |
| 98059 | $2,922 | $4,581 | $12,033 | $14,904 | $19,055 |
Source: Ownwell
$1,148
Average Newcastle 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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