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Property taxes in WA wouldn’t be much more than $13k if the home had an assessed value of $1.22M. It also isn’t uncommon to see a big difference between the sa
by nixgeek 4y ago
Property taxes in WA wouldn’t be much more than $13k if the home had an assessed value of $1.22M.
It also isn’t uncommon to see a big difference between the sale price and assessed value. One datapoint would be a $4M purchase that is only taxed at $2.2M the first year after the deal closed. At least in King County, the valuations do seem to “catch up more quickly” after a sale, so at +1y it might be $2.8M, at +2y it might be $3.3M, but to be paying >$30k here in taxes you’d need a >$3M assessed value home.
- lotsofpulp 4y agoSeattle area property tax is usually around 0.75% of market value. Although, I would guess some are near or above 1% due to very recent declines in market value.
- __derek__ 4y agoThat seems low. My taxes were $9.40 per $1000 of assessed value in 2022. From searching around, I see an average 0.88% for King County (and apparently Pierce and Snohomish are higher).[1] [1]: https://www.tax-rates.org/washington/king_county_property_tax https://www.tax-rates.org/washington/king_county_property_ta...
- lotsofpulp 4y agoYes, last time I checked, the numbers were still based on outlier price increases in 2020 and 2021. It may already be at 1% or even higher for many people.