How do I calculate my property taxes?

In Washington, property taxes are calculated based on the assessed value of your property. Assessed value is determined by your local assessor’s office. The assessor will take into consideration the size, location, type of construction, and market value of the property when determining the assessed value. Once your assessor determines the assessed value, the amount of tax you owe is determined by your local tax rate. This rate is the amount of tax per dollar of assessed value. Every local jurisdiction within Washington can decide its own tax rate, so it is important to contact your local tax department to get the exact amount. To calculate your property taxes in Washington, you must first take the assessed value of your property and multiply it by your local tax rate. This number is the total amount of tax you owe on your property. For example, if your property has an assessed value of $250,000 and your local tax rate is 0.021%, your property taxes would be $525. Once you have calculated your total property taxes, you must pay this amount to your local county or city within a set time period. It is important to follow this timeline as there are usually penalties for late payment. If you need more information or help with calculating your property taxes, you should contact your local tax department or an attorney to assist you.

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