Washington Property Taxes
Nearly all U.S. jurisdictions impose an “ad valorem” (according to value) tax on real property (land and permanent structures) within their boundaries. Many jurisdictions also impose an analogous tax on tangible personal property owned or used by businesses, but most exempt personal property held by individuals for their own non-business use. Typically, property taxes are imposed at the county level (Washington has 39 counties), and taxes are paid directly to the county treasurer or a similar county office.
Real property taxes in Washington are based on the assessed value of the property as of January 1st of each year. In most cases, property values can be adjusted annually by the county assessor. A valuation notice is mailed to the property owner of record in the spring or summer. The owner may appeal the valuation if he or she feels the assessed value is in excess of the fair market value of the property. Certain properties that extend over county lines, such as railroad tracks, pipelines and power lines, are centrally assessed by the Washington Department of Revenue, but property taxes are still paid to each county on the portion of the total property situated in that county.
Real property taxes are generally payable in Washington in two installments; the first typically due by April 30th and the second typically due by October 31th. Property tax rates vary depending on the location of the property. In Washington the total annual rate is ordinarily between 1 percent and 1.3 percent of the assessed value of the property.
Business personal property taxes are also paid to the county in which such property is located. However, the owner is typically required to file a report with the county assessor’s office by April 30th of each year, listing the property such as machinery, equipment, furniture, and supplies that the business held as of January 1st of that year, and the original acquisition cost of each item. Intangible assets and inventory of personal property held for sale are specifically exempted from property tax.
Using the data provided on the business’ personal property listing, the assessor then applies depreciation tables to determine the approximate fair market value of the property. Tax is calculated on this total value (generally at the same tax rate as applies to real property in the same location), and a tax bill is mailed to the property owner. Like real property tax, the personal property tax may be paid in two semi-annual installments.
Real property taxes in Washington are based on the assessed value of the property as of January 1st of each year. In most cases, property values can be adjusted annually by the county assessor. A valuation notice is mailed to the property owner of record in the spring or summer. The owner may appeal the valuation if he or she feels the assessed value is in excess of the fair market value of the property. Certain properties that extend over county lines, such as railroad tracks, pipelines and power lines, are centrally assessed by the Washington Department of Revenue, but property taxes are still paid to each county on the portion of the total property situated in that county.
Real property taxes are generally payable in Washington in two installments; the first typically due by April 30th and the second typically due by October 31th. Property tax rates vary depending on the location of the property. In Washington the total annual rate is ordinarily between 1 percent and 1.3 percent of the assessed value of the property.
Business personal property taxes are also paid to the county in which such property is located. However, the owner is typically required to file a report with the county assessor’s office by April 30th of each year, listing the property such as machinery, equipment, furniture, and supplies that the business held as of January 1st of that year, and the original acquisition cost of each item. Intangible assets and inventory of personal property held for sale are specifically exempted from property tax.
Using the data provided on the business’ personal property listing, the assessor then applies depreciation tables to determine the approximate fair market value of the property. Tax is calculated on this total value (generally at the same tax rate as applies to real property in the same location), and a tax bill is mailed to the property owner. Like real property tax, the personal property tax may be paid in two semi-annual installments.