Ocean Park, Washington Property Taxes
The median property tax rate in Ocean Park, WA is 0.79%, which is lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $215,200 in Ocean Park, the typical annual property tax bill is $1,542, significantly below the national median of $2,690. Property taxes in Ocean Park are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ocean Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ocean Park or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocean Park, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,700
$1,578
Ownwell’s Ocean Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean Park 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 Ocean Park, Washington
Property taxes in Ocean Park, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean Park is 0.79%, which is lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Ocean Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean Park 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 Ocean Park's effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 98640 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Ocean Park provides valuable insights into the varying tax landscape across Pacific County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocean Park Tax Rate
0.79%
Average Pacific County Tax Rate
0.79%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98640 | 0.77% | 0.78% | 0.79% | 0.81% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Ocean Park, Washington
In Ocean Park, 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 Pacific 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. In Ocean Park, 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 Ocean Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ocean Park are both $1,542, found in the zip code 98640.
Average Ocean Park Assessed Value
$215,200
Average Pacific County Assessed Value
$192,200
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocean Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98640 | $56,000 | $102,200 | $215,200 | $328,800 | $459,300 |
Source: Ownwell
Property Tax Bills Across Ocean Park, Washington
In Ocean Park, located in Pacific County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting current real estate trends. Homeowners in Ocean Park can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is approximately $690, while at the 75th percentile, it reaches around $2,521, and at the 90th percentile, it can be as high as $3,557. The median home price in Ocean Park is $215,200, and the property tax rate in Pacific County is 0.99%, aligning with the national median property tax rate. This means that for a median-priced home, the property tax bill would be around $2,130 annually. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and manage their finances effectively.
Average Ocean Park Tax Bill
$1,542
Average Pacific County Tax Bill
$1,389
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98640 | $332 | $690 | $1,542 | $2,521 | $3,557 |
Source: Ownwell