Do you have a client looking to buy or sell in the Seattle, Washington, area? You’ll benefit from knowing the latest information on property taxes in the area.
Staying up-to-date on your area’s latest property tax information will be invaluable to you and your clientele. You’ll help clients make the right decisions when buying or selling a house, and you’ll boost your expertise in all things real estate! Ready to learn more? Read on to learn more about Seattle property tax rates in 2022.
Seattle property taxes for 2022
Seattle is a dynamic, urban city on the west coast that is a popular destination for tourists and homebuyers. The Emerald City offers attractions such as the 605-foot-tall Space Needle, the Museum of Pop Culture (MoPOP), and the first Starbucks. You’ll always have things to do in Seattle, so it’s easy to see why this city is an attractive choice for many homebuyers.
Because Seattle is Washington’s most in-demand and attractive city, the cost of living is much higher than the national average. Living in Seattle will cost you 36% more than the state average and 54% more than the national average.
What about the housing market? Seattle’s housing market is incredibly competitive, with the median home price coming in at $810,000 toward the end of 2022. This is up 5.2% when compared to last year. Because of this trend, homebuyers will have property taxes on their minds as we move forward into 2023.
Seattle is different from many U.S. cities as it does not collect property taxes. Homeowners pay property tax at the county level in Seattle. Seattle is in King County, making property taxes 3% higher in 2022 than in 2021.
In 2022, the levy rate in Seattle was 8.82940 per $1,000 of assessed property value. This means if you own a home that’s assessed value is $760,000, you’d own $6,710.34 in property taxes.
Property tax values are set on January 1 of each year, so be on the lookout for new property tax values in 2023 for Seattle.
Will Seattle property tax rates rise?
While Seattle’s property taxes in King County rose about 3% despite property values rising a whopping 9%, an increase in 2023 will depend on voter-approved levies. King County can only increase property tax collections by 1% yearly without the people’s vote.
Tax rates in surrounding areas
Are you looking to move to Seattle but considering other surrounding Washington cities? It’s a good idea to check out the property taxes of the surrounding counties before settling on a location. Here are some neighboring Washington cities close to Seattle and their average property rates per $1,000 of assessed value:
- DuPont: 9.0464
- Everett: 9.1558
- Snohomish: 10.7812
- Monroe: 9.3362
- Bellevue: 8.2004
- Tacoma: 11.4400
- Puyallup: 10.3562
What does property tax revenue fund in Seattle?
The King County Treasury collects property taxes in Seattle. Property tax collections for the 2022 tax year are $6.79 billion—an increase of $190 million over last year’s total. The collected property tax is distributed to several different areas, such as:
- State Schools
- Port of Seattle
- Fire
- Libraries
- Local Schools
- King County (for roads, police, criminal justice, etc.)
Property taxes fund services you count on to live your daily life, such as veteran and senior programs, parks and recreation, libraries, public and local schooling, and road repairs.
Important information to know when moving to Seattle, WA
Have you decided to move to Seattle? Here are some important dates and information you should know when it comes to property taxes:
Property tax values are set on January 1 of each year. The first half of the year’s property taxes are due on May 2 (unless you owe less than $50, then you must pay in full), and personal property listing forms. A 3% penalty assessed on delinquent taxes will go into effect on June 1 for the first half of your property taxes.
The second half of your property taxes are due on October 31, with an 8% penalty assessed on delinquent taxes on December 1. You are responsible for knowing these key dates and paying your property tax bills on time.
If you’re applying for a limited income deferral, this is due on September 1.
King County offers property tax exemptions for seniors, persons with disabilities, and disabled veterans who own homes based on a set list of qualifications. If you fall under any of these criteria, it’s worth seeing if you fully qualify for an exemption.
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