Can someone here help understand how property taxes are calculated in snohomish or king county in WA? I have read online but I’m not able to understand whether it is calculated on country assessed value or sale price ? Context: Planning to buy a 1 mil house but previous years property tax was asssesed at 703k by the county. Does it mean I’ll have to pay the tax for the sale price or will the county again reassess this year and it will be a bit more than the 703k?
Based on assessed values each year
Reassessed each year
Tax is based on assessed value. But usually reassessed after sale. It can go up, but usually not much. It's very common in King county to have assessed value lower than actual market value
My tax grew up more than 50% since last year. When prices went up they assesed (increased) house value every three months. When prices went down, they don't do any assesments yet :)
And won't until you ask
Also note that if you purchase a property for 1m that was previously assessed for a tax base of 700k, the county may come back with an assessment of 1m and it’ll be pretty hard to argue that it’s only worth 700k if you just paid 1m for it. Assume you’ll pay taxes on the value at sale price and not the previous assessment
Assessed price. It will increase significantly every year. That's how wa gets its taxes ;) Suddenly you understand why folks like CA so much haha.
The fact the home was sold in past yr will contribute to sharper spike in tax as compared to if it wasn’t sold - many king county homes seeing 20% + increase in prop tax this yr
its assessed based on value jan 1 of prior year. i dont know if they change that for a home purchased mid year, but i doubt it, as that would be inconsistent. and it appears to be a bit less than 1% in king county.
how to appeal the value, anyone have the experience?
file appeal with county on website. there are deadlines. need to show why the comps they use are inaccurate or why your property should deviate from them.
Property tax prices are assessed every year. It is different from the sale price. The sale is taken into account when they calculate the value of the property. It is usually 1% of that assessed price.