What is a Property Tax Levy?

A property tax levy is a tax imposed on a person or business by a local government in Washington. It is an annual tax charged on real estate and/or personal property, such as boats, cars, jewelry, and other valuable items. A property tax is based on the market value of the property and is calculated by multiplying the assessed value of the property by the applicable tax rate. The amount of the tax varies depending on the location and the type of property being taxed. The assessed value of a property is based on the fair market value, which is determined by an assessor who evaluates the quality and condition of the property. The tax rate is set by the local government, and can be adjusted from year to year. Any taxes collected from the levy are used to finance public services in the area, such as schools, roads, libraries, and police services. Property taxes are typically the largest source of revenue for local governments, so it is important that they be collected in a timely and accurate manner. In Washington, failure to pay property taxes can result in a lien being placed on the property by the government. This means that the government will take ownership of the property if the taxes are not paid. To avoid this, it is important to keep up with your property taxes and pay them on time.

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What is a Property Tax Levy?

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