Terrace Park, Washington Property Taxes
The median property tax rate in Terrace Park, WA is 0.84%, slightly lower than the Washington state median of 0.88% but still higher than the national median of 0.99%. With a median home value of $361,800 in Terrace Park, the typical annual property tax bill reaches $3,028, surpassing the national median of $2,690. Property taxes in Terrace Park are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Terrace Park'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 Terrace Park 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
Terrace Park, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$3,039
$2,820
$1,148
Average Tax Savings
Ownwell’s Terrace Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terrace Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terrace Park 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 Terrace Park. 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 Terrace Park, Washington
Property taxes in Terrace Park, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terrace Park is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Terrace Park set these rates annually, and they can vary across different neighborhoods. Each year, Terrace Park 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 Terrace Park's effective property tax rate to other areas in Washington and the national median. For comparison, the 45174 zip code has the highest median property tax rate of 0.84%, while the same zip code, 45174, also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Terrace Park 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 Terrace Park Tax Rate
0.84%
Average Pierce County Tax Rate
1.02%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terrace Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
$1,148
Average Terrace Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Terrace Park, Washington
In Terrace Park, 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's Office 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. 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 Terrace Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45174 has the highest and lowest median tax bills, both valued at $3,028.
Property Tax Assessment Values Across Terrace Park, Washington
Source: Ownwell
$21,400
$1,254,100
$2,486,800
Average Terrace Park Assessed Value
$361,800
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 Terrace Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | $361,800 | $361,800 | $361,800 | $361,800 | $361,800 |
Source: Ownwell
$1,148
Average Terrace Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Terrace Park, Washington
In Terrace Park, Pierce County, WA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $361,800, and the tax bill for the 25th, 75th, and 90th percentiles is consistently $3,028. This shows a uniform property tax rate across different property values, highlighting the importance of accurate assessments. Homeowners in Terrace Park face a median property tax rate that can significantly impact their annual expenses, especially when compared to the national median rate of 0.99%. Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. Our experts analyze your property’s assessed value to identify discrepancies and potential overassessments. By appealing incorrect assessments, Ownwell can help reduce your property tax bill, ensuring you only pay your fair share. This service not only offers immediate financial relief but also contributes to long-term savings, making homeownership in Terrace Park more affordable.
Average Terrace Park Tax Bill
$3,028
Average Pierce County Tax Bill
$4,693
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Terrace Park, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | $3,028 | $3,028 | $3,028 | $3,028 | $3,028 |
Source: Ownwell
$1,148
Average Terrace Park 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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