What are real estate taxes?

Real estate taxes, also known as property taxes, are taxes that are paid on land and buildings in Washington. These taxes are based on the assessed value of the property, which is determined by an assessor, a county official who determines the market value of the property. Property owners are then obligated to pay a set amount of taxes, usually on an annual basis. Real estate taxes help to fund different public services in Washington, such as roads, schools, and public safety. These taxes are also used to fund services provided by the county, such as libraries, parks, and health care services. The amount of tax a property owner is subject to can vary from year to year, based on the assessed value of the property. If a property’s value goes down, the tax amount will be less than the previous year. However, if the value of the property increases, the property owner will have to pay more taxes. In addition to the property owner, real estate taxes are also paid by renters. While the cost of taxes is often included in the rent amount, the tenant is typically responsible for paying the portion of the tax that is equal to the amount of rent they pay each month. Real estate taxes are an important way to fund public services in Washington, and they are necessary to maintain the quality of life in the area.

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