How are new property taxes calculated?

Property taxes in Washington are calculated using the assessed value of the property. The assessed value is determined by multiplying the current market value by a rate set by the state. The result of this calculation is the property’s taxable value. Property tax in Washington is calculated by multiplying the taxable value by the local tax rate, which is determined by the county, city, or district in which the property is located. The resulting amount is the total annual property tax. In certain cases, the taxable value of a property may be reduced. For instance, the state provides tax exemptions to properties used for public benefit, such as schools and hospitals. Additionally, there are exemptions for senior citizens and other qualifying individuals or entities. In these cases, the taxable value is reduced by the amount of the exemption. Taxable value is re-assessed on an annual basis. The new taxable value is calculated using the same formula as described above. The new taxable value is multiplied by the local tax rate to determine the total annual property tax. In conclusion, new property taxes in Washington are calculated by multiplying the assessed value of the property by the local tax rate. The assessed value is determined by taking the current market value and multiplying it by a rate set by the state. In certain cases, the taxable value can be reduced due to exemptions. Taxable value is re-assessed annually and the new total annual property tax is determined using the same formula.

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