What is meant by the term “taxable value”?

Taxable value is a term used in property tax laws in Washington to refer to the value of a property that is taxable by the state. Taxable value is the amount that is used to calculate the amount of taxes that must be paid each year. It is determined by subtracting any exemptions allowed from the total assessed value of the property. For instance, if a property in Washington is assessed at a value of $200,000 and qualifies for a homeowner’s exemption of $25,000, then the taxable value of that property is $175,000. This is the value used to calculate the amount of taxes due for the year. The taxable value of a property in Washington can change from one year to the next depending on the assessed value. Thus, it is important for homeowners to remain informed of their property’s taxable value so that they can properly calculate the amount of taxes due each year.

Related FAQs

How often do property taxes need to be paid?
What are the common exemptions to property tax?
How can I find out what my assessed property value is?
How do I find out what my local property tax rates are?
What is a “split roll” property tax system?
What is a homestead tax exemption?
What is the difference between a property tax lien and a tax deed?
How are property taxes different in different states?
What is a homestead exemption program?
What is the property tax rate?

What is meant by the term “taxable value”?

Related FAQs

Related Blog Posts