Renton, Washington Property Taxes
The median property tax rate in Renton, WA is 1.48%, significantly higher than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Renton at $197,413, the typical annual property tax bill reaches $1,468, surpassing the national median of $2,690. Property taxes in Renton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Renton'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 Renton 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
Renton, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,922
$2,711
Ownwell’s Renton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Renton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Renton 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 Renton, Washington
Property taxes in Renton, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Renton is 1.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Renton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Renton 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 Renton's effective property tax rate to other counties in Washington and the national median. For comparison, the 98056 zip code has the highest median property tax rate of 1.48%, while the lowest median tax rate is also 1.48% in the same zip code. Understanding how these cities compare with Renton 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 Renton Tax Rate
1.48%
Average Whitman County Tax Rate
1.48%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Renton, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| 98059 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Renton, Washington
In Renton, 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 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 Renton, 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. Renton homeowners in the 98056 zip code face the highest median tax bill at $2,929, whereas the lowest median tax bill is also $2,929 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Renton Assessed Value
$197,413
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 Renton, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | $197,413 | $197,413 | $197,413 | $197,413 | $197,413 |
| 98059 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Renton, Washington
In Renton, located in Whitman County, WA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. In Renton, the median home price stands at $197,413, which serves as a crucial factor in determining the tax bill. Property tax rates in Renton are influenced by various local levies and voter-approved measures. Homeowners in the 25th percentile can expect a tax bill around $737, while those in the 75th percentile might see bills as high as $2,198. For those in the 90th percentile, tax bills can reach up to $2,637. Interestingly, the highest median tax bill in the area is $2,929, found in the 98056 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community. Compared to the national median property tax rate of 0.99%, Renton's property taxes can vary significantly, affecting homeowners differently based on their property's assessed value.
Average Renton Tax Bill
$1,468
Average Whitman County Tax Bill
$1,573
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Renton, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98056 | $2,929 | $2,929 | $2,929 | $2,929 | $2,929 |
| 98059 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell