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Preston, King County, Washington Property Taxes

  • Median Preston, WA effective property tax rate: 0.95%, significantly lower than the national median of 1.02%, but higher than the Washington state median of 0.88%.

  • Median Preston, WA home value: $1,338,000

  • Median annual Preston, WA tax bill: $12,106, $9,706 higher than the national median property tax bill of $2,400.

How are property taxes in King County calculated?

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

Last Updated March 1, 2025

Preston, King County, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.95%

Estimate Property Tax Bill

$12,711

$11,795

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Preston Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, our calculator applies Preston’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 Preston, King County, Washington

Local government entities set tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its required budget to provide services, dividing that amount by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

In Preston, located in King County, the effective property tax rate is aligned with the median property tax rate in Washington, which stands at 0.95%. This rate is slightly below the national median property tax rate of 1.02%. For homeowners in Preston, this translates to a property tax bill that is generally more affordable than the national average of $2,400. This can be particularly appealing for those looking to balance the cost of living with the benefits of residing in this area. By understanding these rates, property owners can make informed decisions about their investments and potential savings on property taxes.

Property Tax Rates Across Preston, 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 Preston Tax Rate

0.95%

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 Preston, King County, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
980500.77%0.88%0.95%0.97%0.99%

Source: Ownwell

Property Tax Assessment Values Across Preston, King County, Washington

When examining property taxes in Preston, 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 appraisal district 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. 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 Preston. For example, the median home price in Preston is $1,338,000, with tax bills ranging significantly across the county. 98050 has the highest median home price at $1,338,000.

Property Tax Assessment Values Across Preston, King County, Washington

Source: Ownwell

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$238,500

$3,665,750

$7,093,000

Median Preston Market Value

$1,338,000

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 Preston, King County, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
98050$563,400$815,000$1,338,000$1,843,000$2,256,000

Source: Ownwell

Property Tax Bills Across Preston, King County, Washington

In Preston, King County, WA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the home's market value, which is periodically evaluated by the county. Factors such as recent sales of comparable properties and improvements made to the home can influence the assessed value. Homeowners in Preston face property tax bills that range significantly, with the 25th percentile at $7,079 and the 75th percentile reaching $17,029. This variance highlights the impact of differing home values and tax rates within the area. The median home price in this region is $1,338,000, leading to tax bills that often exceed the national median tax bill of $2,400. Ownwell assists homeowners by offering property tax appeal and exemption services. Through expert analysis and representation, Ownwell can help reduce the assessed value of a property, potentially lowering the homeowner's tax burden and ensuring fair taxation.

Property Tax Bills Across Preston, King County, Washington

Source: Ownwell

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$2,164

$22,678

$43,192

Median Preston Tax Bill

$12,106

Median King County Tax Bill

$7,093

Median Washington Tax Bill

$4,284

Median United States Tax Bill

$2,400

Property Tax Bills Across Preston, King County, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
98050$4,734$7,079$12,106$17,029$20,908

Source: Ownwell

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