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Mountlake Terrace, Washington Property Taxes

The median property tax rate in Mountlake Terrace, WA is 0.72%, which is lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $634,300 in Mountlake Terrace, the typical annual property tax bill amounts to $4,467, significantly surpassing the national median of $2,690. Property taxes in Mountlake Terrace are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences. Understanding Mountlake Terrace'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 Mountlake Terrace or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Mountlake Terrace, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

0.72%

Estimate Property Tax Bill

$4,567

$4,462

SAVE WITH OWNWELL

$1,148

Average Mountlake Terrace, Washington Tax Savings

Ownwell’s Mountlake Terrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountlake Terrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountlake Terrace 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 Mountlake Terrace. 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 Mountlake Terrace, Washington

Property taxes in Mountlake Terrace, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountlake Terrace is 0.72%, lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Mountlake Terrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountlake Terrace 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 Mountlake Terrace's effective property tax rate to other counties in Washington and the national median. For comparison, the 98043 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Mountlake Terrace 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.

Property Tax Rates Across Mountlake Terrace, Washington

Source: Ownwell

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0.46%

0.68%

0.90%

Average Mountlake Terrace Tax Rate

0.72%

Average Snohomish County Tax Rate

0.79%

Average Washington Tax Rate

0.88%

Average United States Tax Rate

0.99%

Property Tax Rates Across Mountlake Terrace, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
980430.72%0.72%0.72%0.72%0.72%

Source: Ownwell

Property Tax Assessment Values Across Mountlake Terrace, Washington

In Mountlake Terrace, 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 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 Mountlake Terrace, 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 Mountlake Terrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,467, found in zip code 98043.

Property Tax Assessment Values Across Mountlake Terrace, Washington

Source: Ownwell

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$2,900

$1,092,200

$2,181,500

Average Mountlake Terrace Assessed Value

$634,300

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 Mountlake Terrace, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
98043$355,000$544,500$634,300$729,325$821,430

Source: Ownwell

Property Tax Bills Across Mountlake Terrace, Washington

In Mountlake Terrace, Snohomish County, WA, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor's office. The assessed value is then multiplied by the local tax rate. For instance, with a median home price of $634,300, homeowners can expect to see a range in their tax bills. The 25th percentile tax bill is around $3,705, while the 75th percentile reaches $5,179, and the 90th percentile can be as high as $5,843. Factors influencing your tax bill include property improvements, neighborhood changes, and overall market trends. These taxes fund essential services like schools, public safety, and infrastructure, impacting the quality of life in the community. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemption services. By thoroughly reviewing your property’s assessed value and comparing it with market data, Ownwell can help ensure you’re not overpaying, potentially saving you hundreds or even thousands of dollars annually.

Property Tax Bills Across Mountlake Terrace, Washington

Source: Ownwell

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$17

$7,253

$14,489

Average Mountlake Terrace Tax Bill

$4,467

Average Snohomish County Tax Bill

$5,180

Average Washington Tax Bill

$4,284

Average United States Tax Bill

$2,690

Property Tax Bills Across Mountlake Terrace, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
98043$1,988$3,705$4,467$5,179$5,843

Source: Ownwell

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