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Bonney Lake, Washington Property Taxes

The median property tax rate in Bonney Lake, WA is 1.02%, slightly above the national median of 0.99% and higher than the Washington state median of 0.88%. With a median home value of $507,800 in Bonney Lake, the typical annual property tax bill amounts to $4,995, significantly surpassing the national median of $2,690. Property taxes in Bonney Lake are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bonney Lake'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 Bonney Lake or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Bonney Lake, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

1.02%

Estimate Property Tax Bill

$5,180

$4,806

SAVE WITH OWNWELL

$1,148

Average Tax Savings

Ownwell’s Bonney Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonney Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonney Lake to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Bonney Lake. 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 Bonney Lake, Washington

Property taxes in Bonney Lake, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonney Lake is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Bonney Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonney Lake 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 Bonney Lake's effective property tax rate to other areas in Washington and the national median. For comparison, the zip code 98321 has the highest median property tax rate of 1.09%, while zip code 98390 has the lowest median tax rate of 1.02%. Understanding how these areas compare with Bonney Lake provides valuable insights into the varying tax landscape across Pierce County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Bonney Lake, Washington

Source: Ownwell

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0.67%

1.05%

1.43%

Average Bonney Lake Tax Rate

1.02%

Average Pierce County Tax Rate

1.02%

Average Washington Tax Rate

0.88%

Average United States Tax Rate

0.99%

Property Tax Rates Across Bonney Lake, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
983211.09%1.09%1.09%1.09%1.09%
983900.84%0.89%1.02%1.12%1.13%
983910.82%0.98%1.02%1.06%1.10%

Source: Ownwell

Property Tax Assessment Values Across Bonney Lake, Washington

In Bonney Lake, 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 Pierce County Assessor-Treasurer 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 Bonney Lake, 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. For example, the highest median tax bill in the area is $4,995 in zip code 98391, while the lowest is $313 in zip code 98321. 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 Bonney Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across Bonney Lake, Washington

Source: Ownwell

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$21,400

$1,254,100

$2,486,800

Average Bonney Lake Assessed Value

$507,800

Average Pierce County Assessed Value

$465,900

Average Washington Assessed Value

$482,000

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Bonney Lake, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
98321$28,800$28,800$28,800$28,800$28,800
98390$100,600$119,200$192,100$710,800$743,320
98391$273,070$410,500$507,800$621,075$740,100

Source: Ownwell

Property Tax Bills Across Bonney Lake, Washington

In Bonney Lake, Pierce County, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Bonney Lake stands at $507,800. Property tax rates in the area can lead to significant variations in tax bills, with the 25th percentile at $3,903 and the 75th percentile reaching $6,288. The highest median tax bill in the region is $4,995 in the 98391 zip code, while the lowest is $313 in the 98321 zip code. These variations are influenced by factors such as property location, home improvements, and local tax levies. Homeowners in Bonney Lake can face substantial tax burdens, but Ownwell offers a solution. By leveraging expert knowledge and a data-driven approach, Ownwell helps homeowners appeal their property assessments and apply for exemptions, potentially saving them thousands of dollars annually. Whether you're dealing with a high tax bill or seeking to optimize your property tax obligations, Ownwell provides the expertise to navigate the complexities of property taxation effectively.

Property Tax Bills Across Bonney Lake, Washington

Source: Ownwell

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$144

$16,665

$33,185

Average Bonney Lake Tax Bill

$4,995

Average Pierce County Tax Bill

$4,693

Average Washington Tax Bill

$4,284

Average United States Tax Bill

$2,690

Property Tax Bills Across Bonney Lake, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
98321$313$313$313$313$313
98390$1,134$1,340$1,558$6,801$7,078
98391$1,779$3,903$4,995$6,288$7,632

Source: Ownwell

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