Federal Way, Washington Property Taxes
The median property tax rate in Federal Way, WA is 1.00%, slightly higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Federal Way at $428,600, the typical annual property tax bill reaches $4,305, significantly exceeding the national median of $2,690. Property taxes in Federal Way 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 Federal Way'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 Federal Way 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
Federal Way, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$4,286
$3,977
$1,148
Average Tax Savings
Ownwell’s Federal Way Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Federal Way with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Federal Way 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 Federal Way. 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 Federal Way, Washington
Property taxes in Federal Way, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Federal Way is 1.00%, higher than the U.S. national median of 0.99%. Local government entities within Federal Way set these rates annually, and they can vary significantly across different neighborhoods. Each year, Federal Way 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 Federal Way's effective property tax rate to other areas in Washington and the national median. For comparison, the 98023 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Federal Way 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.
Average Federal Way Tax Rate
1.00%
Average Pierce County Tax Rate
1.02%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98023 | 1.00% | 1.00% | 1.00% | 1.01% | 1.01% |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Federal Way, Washington
In Federal Way, 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 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 Federal Way, 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 Federal Way helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 98023 has the highest and lowest median tax bill, both at $4,305.
Property Tax Assessment Values Across Federal Way, Washington
Source: Ownwell
$21,400
$1,254,100
$2,486,800
Average Federal Way Assessed Value
$428,600
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 Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98023 | $408,120 | $415,800 | $428,600 | $441,950 | $449,960 |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Federal Way, Washington
In Federal Way, Pierce County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate. With a median home price of $428,600, homeowners in Federal Way face tax bills that can vary significantly. For instance, the 25th percentile tax bill is $4,179, while the 75th percentile tax bill reaches $4,434. The highest median tax bill in the area is $4,305, specifically in the 98023 zip code. These tax bills can place a considerable financial burden on homeowners, especially when compared to the national median property tax rate of 0.99%. Ownwell can help homeowners in Federal Way save on their property tax bills by providing expert property tax appeal and exemption services. By leveraging local market data and their knowledge of property tax laws, Ownwell can identify opportunities to reduce the assessed value of your home, potentially lowering your annual tax bill and easing your financial burden.
Average Federal Way Tax Bill
$4,305
Average Pierce County Tax Bill
$4,693
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Federal Way, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98023 | $4,104 | $4,179 | $4,305 | $4,434 | $4,511 |
Source: Ownwell
$1,148
Average Federal Way Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Pierce Tax Assessor | |
| Phone | (253) 798-6111 |
| Website | atip.piercecountywa.gov |
| pcatr@piercecountywa.gov | |
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