Lummi Island, Washington Property Taxes
The median property tax rate in Lummi Island, WA is 0.74%, lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Lummi Island at $430,416, the typical annual property tax bill reaches $2,738, slightly above the national median of $2,690. Property taxes in Lummi Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Lummi Island'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 Lummi Island or another part of Whatcom County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lummi Island, 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 Lummi Island, Washington Tax Savings
Ownwell’s Lummi Island Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Lummi Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lummi Island to provide an estimate of your property tax bill. This valuable tool not only helps you understand potential tax liabilities but also demonstrates how Ownwell can assist in reducing property taxes in Lummi Island. For those interested in more localized information, scroll down to explore neighborhood-level trends. Your property’s assessed value is determined by Whatcom County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lummi Island, Washington
Property taxes in Lummi Island, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lummi Island is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Lummi Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lummi 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 Lummi Island's effective property tax rate to other areas in Washington and the national median. For comparison, the zip code 98262 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Lummi Island provides valuable insights into the varying tax landscape across Whatcom County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lummi Island Tax Rate
0.74%
Average Whatcom County Tax Rate
0.73%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lummi Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98262 | 0.54% | 0.57% | 0.74% | 0.75% | 0.77% |
Source: Ownwell
$1,148
Average Lummi Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lummi Island, Washington
In Lummi 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 Whatcom County Assessor 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 Lummi 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. For example, the median home price in Lummi Island is $430,416, and the tax bills range significantly, from $589 at the 25th percentile to $7,572 at the 90th percentile. 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 Lummi Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lummi Island, Washington
Source: Ownwell
$20,896
$348,565
$676,233
Average Lummi Island Assessed Value
$430,416
Average Whatcom County Assessed Value
$517,614
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lummi Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98262 | $36,652 | $144,437 | $430,416 | $792,602 | $1,118,002 |
Source: Ownwell
$1,148
Average Lummi Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lummi Island, Washington
Property tax bills in Lummi Island, located in Whatcom County, WA, are calculated based on the assessed value of your home and the local tax rate. The median home price here is $430,416, and the property tax rate is determined by local taxing authorities. Homeowners can expect a wide range of tax bills, with the 25th percentile at $589 and the 75th percentile reaching $5,347, while the 90th percentile can go up to $7,572. These figures illustrate how property taxes can vary significantly based on property value and location within the county. Homeowners in Lummi Island face the challenge of high property taxes, which can be a financial burden. This is where Ownwell steps in. By leveraging our property tax appeal and exemption services, we help homeowners ensure their property is accurately assessed, potentially lowering their tax bills. Our team of experts reviews your property’s valuation and identifies opportunities for tax savings, providing a much-needed financial relief for homeowners.
Average Lummi Island Tax Bill
$2,738
Average Whatcom County Tax Bill
$3,632
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Lummi Island, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98262 | $198 | $589 | $2,738 | $5,347 | $7,572 |
Source: Ownwell
$1,148
Average Lummi Island Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | November 25 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Whatcom Tax Assessor | |
| Website | property.whatcomcounty.us |
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