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Lakewood, Pierce County, Washington Property Taxes

  • Median Lakewood, WA effective property tax rate: 1.03%, slightly higher than the national median of 1.02%, but lower than the Washington state median of 0.88%.

  • Median Lakewood, WA home value: $426,700

  • Median annual Lakewood, WA tax bill: $4,357, $1,957 higher than the national median property tax bill of $2,400.

How are property taxes in Pierce County calculated?

Property taxes in Lakewood, WA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lakewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakewood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lakewood, Pierce County, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.03%

Estimate Property Tax Bill

$4,395

$4,078

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Lakewood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, our calculator applies Lakewood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Pierce County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lakewood, Pierce County, Washington

Local government entities in Washington set property tax rates, which can vary significantly within the state. This variability is due to each county's annual process of estimating the budget needed to provide essential services, which is then divided by the total assessed value of all taxable property within the county. This calculation determines the property tax rate. While the process involves votes and laws, this is the essence of how rates are set each year.

In Lakewood, located in Pierce County, the effective property tax rate reflects this process. When compared to other cities in Washington, Lakewood's rate is in line with the state median of 1.03%. This is slightly above the national median property tax rate of 1.02%. However, within Pierce County, there is a range of rates, with the highest being 1.03% in the 98498 zip code and the lowest at 0.79% in the 98439 zip code. This highlights the importance of understanding local tax variations, which can impact property owners differently depending on their specific location.

Property Tax Rates Across Lakewood, Pierce County, Washington

Source: Ownwell

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0.67%

1.05%

1.43%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lakewood Tax Rate

1.03%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Pierce County Tax Rate

1.02%

Median Effective Washington Tax Rate

0.88%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lakewood, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
984091.02%1.02%1.02%1.02%1.02%
984390.52%0.60%0.79%1.09%1.14%
98445N/AN/AN/AN/AN/A
984980.96%1.02%1.03%1.05%1.06%
984990.61%0.97%1.02%1.04%1.06%

Source: Ownwell

Property Tax Assessment Values Across Lakewood, Pierce County, Washington

When examining property taxes in Lakewood, WA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Pierce County Assessor-Treasurer estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Pierce County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lakewood. For example, the median home price in Lakewood is $426,700, with tax bills ranging significantly across the county. The 98409 zip code has the highest median home price at $509,250.

Property Tax Assessment Values Across Lakewood, Pierce County, Washington

Source: Ownwell

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$25,000

$463,925

$902,850

Median Lakewood Market Value

$426,700

Median Pierce County Market Value

$465,900

Median Washington Market Value

$482,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lakewood, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
98409$462,850$475,150$509,250$523,875$539,950
98439$1,500$6,700$25,000$197,900$461,040
98445N/AN/AN/AN/AN/A
98498$308,700$380,800$452,700$550,100$704,560
98499$64,100$326,150$398,600$490,150$662,900

Source: Ownwell

Property Tax Bills Across Lakewood, Pierce County, Washington

In Lakewood, Pierce County, WA, property tax bills are calculated based on assessed property values. With a median home price of $426,700, homeowners face tax bills that can vary significantly. The tax bill for the 25th percentile is $3,438, while those in the 75th percentile see bills around $5,355. At the 90th percentile, tax bills can reach as high as $6,930. Notably, the highest median tax bill in the region is $5,198 in the 98409 zip code, contrasting sharply with the lowest median tax bill of $144 in the 98439 zip code. These figures highlight the disparity in tax burdens, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 1.02% and a median tax bill of $2,400, Lakewood homeowners may find themselves paying more than the average American. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions, helping to reduce these substantial financial obligations.

Property Tax Bills Across Lakewood, Pierce County, Washington

Source: Ownwell

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$144

$3,927

$7,710

Median Lakewood Tax Bill

$4,357

Median Pierce County Tax Bill

$4,693

Median Washington Tax Bill

$4,284

Median United States Tax Bill

$2,400

Property Tax Bills Across Lakewood, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
98409$4,722$4,857$5,198$5,343$5,503
98439$17$38$144$1,823$4,564
98445N/AN/AN/AN/AN/A
98498$2,503$3,801$4,615$5,602$7,161
98499$337$3,147$4,016$4,960$6,644

Source: Ownwell

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