Mercer Island, Washington Property Taxes
The median property tax rate in Mercer Island, WA is 0.88%, slightly lower than the national median of 0.99%. With a median home value in Mercer Island, the typical annual property tax bill reaches $10,980, significantly exceeding the national median of $2,690. Property taxes in Mercer Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mercer Island'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 Mercer Island 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
Mercer Island, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.13%
Estimate Property Tax Bill
$507
$496
$1,148
Average Mercer Island, Washington Tax Savings
Ownwell’s Mercer Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mercer Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mercer Island 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 Mercer Island. 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 Mercer Island, Washington
Property taxes in Mercer Island, Washington, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer Island is 0.83%, which is higher than the Washington state median of 0.73% but lower than the U.S. national median of 0.99%. Local government entities within Mercer Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer Island 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 Mercer Island's effective property tax rate to other counties in Washington and the national median. For comparison, the 98040 zip code has the highest median property tax rate of 0.83%, while the 98040 zip code has the lowest median tax rate of 0.83%. Understanding how these cities compare with Mercer Island provides valuable insights into the varying tax landscape across King County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mercer Island Tax Rate
0.13%
Average San Juan County Tax Rate
0.62%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
Source: Ownwell
$1,148
Average Mercer Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mercer Island, Washington
In Mercer Island, 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 San Juan County Appraisal District 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 Mercer Island, 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 Mercer Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 98040 has both the highest and lowest median tax bills, each amounting to $526.
Property Tax Assessment Values Across Mercer Island, Washington
Source: Ownwell
$390,160
$754,090
$1,118,020
Average Mercer Island Assessed Value
$390,160
Average San Juan County Assessed Value
$691,520
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | $390,160 | $390,160 | $390,160 | $390,160 | $390,160 |
Source: Ownwell
$1,148
Average Mercer Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mercer Island, Washington
Property tax bills in Mercer Island, WA, are calculated based on the assessed value of a property rather than its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Mercer Island, the median home price stands at $390,160, with property tax bills typically around $526, regardless of the percentile. This uniformity indicates a stable tax environment, but it can still be a significant expense for homeowners. Several factors influence the assessed value, including property size, location, and improvements. These assessments can sometimes be inaccurate, leading to higher tax bills than necessary. This is where Ownwell can make a difference. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure their properties are fairly assessed. This can result in substantial savings on property tax bills, offering peace of mind and financial relief.
Average Mercer Island Tax Bill
$526
Average San Juan County Tax Bill
$4,068
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98040 | $526 | $526 | $526 | $526 | $526 |
Source: Ownwell
$1,148
Average Mercer Island Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | December 12 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| San Juan Tax Assessor | |
| Website | parcel.sanjuanco.com |
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