Belmont, Washington Property Taxes
The median property tax rate in Belmont, WA is 1.63%, considerably higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Belmont, the typical annual property tax bill reaches $518, which is significantly lower than the national median of $2,690. Property taxes in Belmont are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belmont'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 Belmont 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
Belmont, Washington Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,760
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Belmont, Washington
Property taxes in Belmont, Washington, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Belmont stands at 1.63%, which is significantly higher than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Belmont's effective property tax rate to other areas in Washington and the national median. For comparison, the zip code 99104 has both the highest and lowest median property tax rate at 1.63%. Understanding how these areas compare with Belmont provides valuable insights into the varying tax landscape across Whitman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.63%
Average Whitman County Tax Rate
1.48%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99104 | 1.24% | 1.42% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Washington
In Belmont, 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 Whitman 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 Belmont, 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Belmont is 99104, with a median tax bill of $518.
Average Belmont Assessed Value
$31,775
Average Whitman County Assessed Value
$117,153
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99104 | $12,035 | $18,320 | $31,775 | $79,362 | $150,135 |
Source: Ownwell
Property Tax Bills Across Belmont, Washington
In Belmont, the calculation of property tax bills involves several key factors. The process begins with the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Belmont is $31,775, and the property tax rate in Whitman County is a significant factor in determining the final tax amount. For homeowners in Belmont, tax bills can vary widely. The 25th percentile tax bill is $260, while the 75th percentile reaches $1,293, and the 90th percentile can go up to $1,929. These variations are influenced by differences in property values and any applicable exemptions. The highest and lowest median tax bill in the county are both $518, indicating some consistency in certain areas. Homeowners in Belmont should be aware that their property tax bills are directly tied to the assessed value of their homes and the local tax rate, which can impact their annual financial planning.
Average Belmont Tax Bill
$518
Average Whitman County Tax Bill
$1,573
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99104 | $171 | $260 | $518 | $1,293 | $1,929 |
Source: Ownwell