What types of property are subject to property taxes?

In Washington, property taxes are assessed on land, structures, and other personal property. This includes both residential and commercial property, and includes land, buildings, furniture, boats, and business-related personal property such as computer equipment, machinery, and tools. Land is assessed based on its fair market value and is subject to taxation based on its use. Residential land and buildings are taxed at different rates than commercial property. Commercial land and buildings are generally taxed at a higher rate since it is assumed that these will generate more economic activity and revenue than residential property. Structures such as homes, businesses, and other buildings are taxed based on their value as well. This includes both the exterior structure and any interior improvements, such as bathrooms, kitchen appliances, and furniture. Furniture, boats, and other personal property are also subject to property taxes, depending on their value and type. Property taxes can also be assessed on intangible assets such as income-producing intangible assets, such as patents and trademarks. Businesses must pay intangible property taxes based on income produced by the intangible asset. Intangible assets are generally taxed at a higher rate than tangible property within the state of Washington. In Washington, all real estate and personal property are subject to property taxation. The exact amount of property tax due depends on the value of the property, the location of the property, and the type of property.

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