Elk, Washington Property Taxes
The median property tax rate in Elk, WA is 0.88%, aligning with the state median but still lower than the national median of 0.99%. With a median home value of $294,034, the typical annual property tax bill in Elk reaches $2,450, which is below the national median of $2,690. Property taxes in Elk 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 Elk'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 Elk or another part of Pend Oreille County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$2,587
$2,401
Ownwell’s Elk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk 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 Elk, Washington
Property taxes in Elk, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Elk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk 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 Elk's effective property tax rate to other counties in Washington and the national median. For comparison, the zip code 99009 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Elk 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 Elk Tax Rate
0.88%
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 Elk, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99009 | 0.44% | 0.87% | 0.88% | 0.88% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Elk, Washington
In Elk, 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 Elk, 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 Elk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 99009 has both the highest and lowest median tax bill, recorded at $2,450.
Average Elk Assessed Value
$294,034
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 Elk, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99009 | $126,785 | $194,544 | $294,034 | $391,429 | $515,022 |
Source: Ownwell
Property Tax Bills Across Elk, Washington
In Elk, Pend Oreille County, WA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Elk experience a range of tax bills. For example, the 25th percentile tax bill is approximately $1,427, while the 75th percentile tax bill reaches around $3,299. The 90th percentile tax bill can go up to $4,456. The median home price in the area is $294,034, and the local tax rate is influenced by this value. Compared to the national median property tax rate of 0.99%, Elk's property taxes can be relatively high, impacting homeowners' annual expenses significantly. This variation in tax bills highlights the importance of understanding local property tax assessments and their financial implications.
Average Elk Tax Bill
$2,450
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 Elk, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99009 | $759 | $1,427 | $2,450 | $3,299 | $4,456 |
Source: Ownwell