Seven Bays, Washington Property Taxes
The median property tax rate in Seven Bays, WA is 0.80%, which is considerably lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Seven Bays at $110,025, the typical annual property tax bill is $812, significantly below the national median of $2,690. Property taxes in Seven Bays are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Seven Bays' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Seven Bays or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Seven Bays, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$880
$860
Ownwell’s SEVEN BAYS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SEVEN BAYS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SEVEN BAYS to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Seven Bays, Washington
Property taxes in Seven Bays, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seven Bays is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Seven Bays set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seven Bays 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 Seven Bays' effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 99122 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Seven Bays provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seven Bays Tax Rate
0.80%
Average Lincoln County Tax Rate
1.10%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seven Bays, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99122 | 0.79% | 0.79% | 0.80% | 0.85% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Seven Bays, Washington
In Seven Bays, 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 Lincoln 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 in Seven Bays 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 Seven Bays helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $812.00, found in the 99122 zip code.
Average Seven Bays Assessed Value
$110,025
Average Lincoln County Assessed Value
$68,575
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seven Bays, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99122 | $20,000 | $50,000 | $110,025 | $189,228 | $269,459 |
Source: Ownwell
Property Tax Bills Across Seven Bays, Washington
In Seven Bays, located in Lincoln County, WA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the total tax bill. For instance, with a median home price of $110,025, homeowners can expect varying tax bills depending on specific assessments and exemptions. Factors influencing the tax bill include the assessed value of the property, local levies, and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Seven Bays is around $375, while the 75th percentile reaches about $1,381. At the 90th percentile, homeowners might see tax bills as high as $2,110. Compared to the national median property tax rate of 0.99%, the tax bills in Seven Bays reflect a range that can significantly impact homeowners' annual expenses. Understanding these factors helps residents anticipate their financial obligations and plan accordingly.
Average Seven Bays Tax Bill
$812
Average Lincoln County Tax Bill
$618
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Seven Bays, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99122 | $198 | $375 | $812 | $1,381 | $2,110 |
Source: Ownwell