Colfax, Washington Property Taxes
The median property tax rate in Colfax, WA is 0.87%, slightly lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Colfax, the typical annual property tax bill reaches $476, significantly below the national median of $2,690. Property taxes in Colfax 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 Colfax'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 Colfax 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
Colfax, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$478
$467
Ownwell’s Colfax Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Colfax using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Colfax, Washington
Property taxes in Colfax, Washington, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 0.87%, which is lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 99111 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Colfax provides valuable insights into the varying tax landscape across Pend Oreille County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
0.87%
Average Pend Oreille County Tax Rate
0.87%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Washington
In Colfax, 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 Pend Oreille 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 Colfax, 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 Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 99111 has the highest and lowest median tax bill, both at $476.
Average Colfax Assessed Value
$54,888
Average Pend Oreille County Assessed Value
$181,614
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | $54,888 | $54,888 | $54,888 | $54,888 | $54,888 |
Source: Ownwell
Property Tax Bills Across Colfax, Washington
In Colfax, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the property. Factors such as the property's location, size, and condition are considered in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For Colfax homeowners, the median home price is $54,888, and the median property tax bill is $476, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax bill can be attributed to the lower property values in the area. Homeowners in Colfax benefit from these lower rates, which can make homeownership more affordable compared to other regions. However, it's important to note that even small changes in assessed value or tax rates can impact the overall tax bill, affecting household budgets and long-term financial planning.
Average Colfax Tax Bill
$476
Average Pend Oreille County Tax Bill
$1,429
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99111 | $476 | $476 | $476 | $476 | $476 |
Source: Ownwell