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Property taxes vary all over the country. They also can vary wildly if you have an older house vs new construction. In Seattle, where the housing market is co
by turtlebits 4y ago
Property taxes vary all over the country. They also can vary wildly if you have an older house vs new construction.
In Seattle, where the housing market is considered expensive, a 1.2m house only pays $7k in property taxes
- __derek__ 4y ago> In Seattle, where the housing market is considered expensive, a 1.2m house only pays $7k in property taxes Only if it has (a) an exemption or (b) an assessment well below market value. A typical house with a $1.2 million assessment will have paid over $10k in property taxes in 2022.
- turtlebits 4y agoAll properties assess below market value, even new construction. A 1.2m house will generally assess for around 800k.
- __derek__ 4y agoThat would be option (b) in my comment. Washington State law requires assessed values to be 100% of "true and fair value"[1] despite the fact that they tend to lag market value. [1]: https://apps.leg.wa.gov/WAC/default.aspx?cite=458-07-030 https://apps.leg.wa.gov/WAC/default.aspx?cite=458-07-030