How do I calculate the property tax increase on a new assessment?

In Washington, calculating the property tax increase on a new assessment is a multi-step process. First, the assessor determines the value of the property. To do this, the assessor will first look at recent sales of similar properties in the same area. Second, the assessed value of the property is determined. Assessed value is usually lower than the actual value, and may range from 25% to 95% of the estimated market value, depending on local laws. Third, the assessor will calculate the property tax rate that applies to the property. The rate is based on the total amount of taxes due from all properties in the area. Fourth, the assessor will calculate the total tax due by multiplying the assessed value by the tax rate. Fifth, the assessor will add any additional taxes due, such as special assessments or bond levies. Finally, the assessor will compare the total taxes due on the new assessment to the total taxes due on the previous assessment. The difference between these taxes is the property tax increase due on the new assessment. It is important to remember that property taxes are subject to change every year, as the assessed value and tax rate may change due to market conditions and local government decisions. It is therefore important to review the property tax calculations annually to determine if any changes are due.

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How do I calculate the property tax increase on a new assessment?

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