Property Taxes

A new year means new property taxes.  The 2016 general county property taxes become a lien on real property the moment that the new year begins even though the new tax amounts are not made available to the public until they have been certified by the assessor and the treasurer in early February.  Don't be surprised to find a special exception on your title commitment for 2016 taxes that are "not yet due or payable."  The treasurer will not accept any payment of 2016 taxes until after February 15th.  The first half tax bill becomes delinquent if unpaid on May 1st and the second half tax bill becomes delinquent if unpaid on November 1st. EXEMPTIONS: If your annual income does not exceed $35,000 and you own and reside in your home, including mobile homes, you may be entitled to a property tax reduction.  You must be at least 61 years of age or, if under 61 years, retired because of a disability and unable to work.  Property taxes may be deferred under certain conditions.  For details, visit the King County Department of Assessment, Taxpayer Assistance - Tax Relief webpage and go to the Senior Citizens/Disabled Exemption section or call 206.296.3920. CONTACTS: www.kingcounty.gov/Assessors/Contacts.aspx (contact info) www.kingcounty.gov/Assessor/Reports/LevyRateInformation.aspx (levy rates) For taxes and property information call Chicago Title, Customer Service at 206.524.2405. Today's blog courtesy of Sandy Andersen, Chicago Title Insurance Company of Washington Happy Investing!

King County Tax Rate

What is the calculation formula for figuring your estimated property taxes in King County?


It depends on where you live within King County.


First step is to go to King County Tax Assessor’s website at: http://info.kingcounty.gov/Assessor/eRealProperty/default.aspx

· You can Search by Your Address or Parcel Number

· On the information page for the property you will see the Total Levy Rate Distribution

· You need to know your Levy Code for the address: we are using 0010

· You need to know the Total Levy Rate: ours is $10.29168.

· You need to know the assessed value for your property which is located on the same page. It is the land value + improvement value = taxable value

· Taxable Value $382

You can estimate what your property taxes will be if you know the "assessed value" of your property and the tax levy rate. For example, if the assessed value of your property is $200,000 and the levy rate is $13 per thousand dollars of value:


VALUE
200 ($200,000 divided by 1,000)

x LEVY RATE

x $13

TAXES =

$2,600 estimated tax



Happy Investing!



Thanks again to Bernita McKinnion for her assistance in putting together today's blog.

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King County Property Taxes

How does King County calculate property taxes? As a new property owner, it is important for you to understand how your property taxes are calculated. It may seem somewhat convoluted, especially if you are trying to predict the cost of property taxes on new construction.

But here is a primer to get you started on calculating your property taxes:

How Property Taxes Are Used In King County?

It all starts with the local and state government costs. The levies you and

your neighbors have approved for services such as metro, schools, parks,

fire protection, water districts and emergency medical services, as well as

other services determines about half of your property tax.

King County General Fund is supported by 17 cents of every property tax

dollar. Cities, State, and other local jurisdictions divide the remaining 83

cents. This is how the dollar is used to fund the county general fund.


How Property Taxes Are Figured in King County

The amount of tax payable per dollar of the assessed value of a property.

King County uses a tax rate which is expressed in Mills. The mill rate is

based on "mills"; as each mill is one-thousandth of a currency unit, one mill

is equivalent to one-tenth of a cent or $0.001.

Property tax in dollar terms is calculated by multiplying the assessed

property value and the mill rate.


More on millage rate in King County in another blog post. In the mean time,

Happy Investing!


Thanks to Bernita McKinnion for assistance on today's blog!