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Washington Property Tax |
Property Tax in Washington State is a kind of tax for ownership of either personal property or real property. Moreover, the extent of WA State Property Tax depends on the market value of the property you own. According to the Washington State Property Tax Laws, all personal and real property must be taxed except for that exempted specifically by the law. In fact, Property Tax in Washington State is a major revenue source for most public utilities including schools, libraries, parks and fire protection. About 30 percent of total taxes comes from the property taxes levied across the state by the local governments, today.
The Washington State Property Tax Laws make a distinction between personal and real property. According to the law, the real property within the state of Washington consists of land, building structures and improvements to land. The law further rules that each real property must be appraised by a county assessor at the county level. The real estate appraisal should be at 100 percent of the fair market value of the property. The fair market or true market value is the value that a buyer happily pays for a real property in an open market condition. The process of property valuation can be accomplished using any one or more of the three established appraisal methods.Washington Property Tax Rate
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It is the local governments that levy and collect real estate taxes in Washington State. Moreover, the Washington State Property Tax Rate is not the same everywhere. It is different for each county and depends upon the amount of money needed for taxing districts. It is the county assessors again who calculate the property tax rate necessary for each individual taxing district. The WA State Property Tax Rates and the assessed value of your real property are the necessary ingredients to compute your property tax bill in Washington State. Moreover, property tax records are also maintained in Washington for public benefit.
For more information regarding other aspects of Property Tax Washington, visit the official website of the Department of Revenue Washington State.
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