What happens if my property value increases?

If the value of your property increases, then the amount of property tax that you need to pay will also increase. Washington State law sets the property tax rate for each county and it is usually a percentage of the appraised value of the property. When the value of your property increases, the amount of property tax that you must pay will also increase. Property taxes are based on the assessed value of the property. This value is determined by the Washington State Department of Revenue. The department assesses the value of a property by considering various factors like the land area, age of the property, and general market value of the property. This assessed value is then multiplied by the property tax rate for your county to determine the amount of property tax that you must pay each year. If the assessed value of your property increases, then the property tax that you must pay each year will also increase. The assessed value of your property is usually updated in the spring and the new property tax rate is applied to your tax bill in the fall. To minimize the impact of increasing property taxes, you can appeal to your local government and ask for a property tax reduction. You can also look into other tax incentives or deductions that may be available for homeowners in your area.

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What happens if my property value increases?

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