Monroe, Washington Property Taxes
The median property tax rate in Monroe, WA is 0.75%, which is lower than both the national median of 0.99% and the Washington state median of 0.88%. Despite this lower rate, the median home value in Monroe results in a typical annual property tax bill of $4,676, significantly exceeding the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence exemption. Understanding Monroe'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 Monroe or another part of Snohomish County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, Washington Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,760
$612
$1,148
Average Monroe, Washington Tax Savings
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe. 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 Monroe, Washington
Property taxes in Monroe, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other areas in Washington and the national median. For comparison, the zip code 98272 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Monroe provides valuable insights into the varying tax landscape across Snohomish County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
0.75%
Average Snohomish County Tax Rate
0.79%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | 0.74% | 0.75% | 0.75% | 0.75% | 0.77% |
Source: Ownwell
$1,148
Average Monroe Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Monroe, Washington
In Monroe, 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 Snohomish 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. In Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Monroe's highest and lowest median tax bills are both $4,676 in the 98272 zip code, reflecting the area's consistent property values.
Average Monroe Assessed Value
$631,100
Average Snohomish County Assessed Value
$668,100
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | $396,250 | $531,050 | $631,100 | $796,375 | $947,100 |
Source: Ownwell
$1,148
Average Monroe Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Monroe, Washington
In Monroe, Snohomish County, WA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which can fluctuate with real estate trends. With a median home price of $631,100, homeowners face significant tax bills. The 25th percentile tax bill is $3,881, while the 75th percentile reaches $5,908, and the 90th percentile peaks at $7,073. The highest median tax bill in Monroe is $4,676, consistent across zip code 98272. These tax bills can significantly impact homeowners, potentially straining budgets. Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can challenge their assessed values, potentially lowering their tax bills. This can result in substantial savings, easing the financial burden. Ownwell's services are designed to help homeowners navigate complex tax regulations, ensuring they pay only their fair share.
Average Monroe Tax Bill
$4,676
Average Snohomish County Tax Bill
$5,180
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98272 | $2,654 | $3,881 | $4,676 | $5,908 | $7,073 |
Source: Ownwell
$1,148
Average Monroe Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | August 20 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Snohomish Tax Assessor | |
| Phone | (425) 388-3433 |
| Website | www.snoco.org |
| Contact.Assessor@snoco.org | |
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