What is the “taxable value” of my property?

In Washington, the taxable value of your property is the assessed value of your property, less any exemptions or deductions allowed, multiplied by the current year’s tax rate applicable to your property. The assessed value of your property is determined by your county assessor, and is usually based on the market value of your property. Exemptions and deductions can be obtained from your county, such as homeowners’ exemptions, senior citizen exemptions, or veterans’ deductions. The current year’s tax rate is determined by your local levying authority. For example, in King County, Washington, the tax rate for 2021 is $2.45 per $1,000 of assessed value. To calculate your taxable value, take the assessed value of your property, subtract any deductions and exemptions, and then multiple the resulting figure by the current year’s tax rate. For example, if your assessed value is $250,000 and you have obtained a homeowners’ exemption of $25,000, the taxable value of your property would be $490,000 ($250,000 - $25,000 = $225,000 x $2.45 = $490,000). To learn more about the property tax law in Washington, visit your county’s assessor website, or contact the Department of Revenue for more information.

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What is the “taxable value” of my property?

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