Property Taxes & Exemptions

April tis the season to think about property taxes as April 30th is when the first half becomes due! Yes, I know it is barely after income taxes are due, too, which makes it a bit challenging for many!
Lots of people choose, or their lender insists, on having the property taxes be part of their monthly mortgage payment, so that a portion goes into the account earmarked for taxes each month and then the lender makes the payments as they come due. If you do pay yours separately from your mortgage, then end of April and end of October are the times to remember! Property tax statements are mailed out on Valentine's Day.
In this state, property taxes are one of the main sources of state and local revenue as we do not have a state income tax. The process begins with the County Assessor's office assessing the market value of the home, based on statistical information about sales prices of similar homes, and periodic physical appraisals of the property. Once the assessed values are established, a valuation notice is mailed out so that the owner has an opportunity to question the assigned value if they believe it to be incorrect. There is a formal appeals process that can be used to dispute the valuation also - although if the complaint is just that the owner doesn't want to pay taxes on that much value, but would not sell for less, then the assessment will likely stand! Actual data about similar homes that recently sold for lower prices would be necessary to convince the Assessor's office or appeals board that the assessment is in error. Information about interior condition may also be applicable since frequently the appraiser's visit comes at a time when the homeowner is at work.
The link to geodata.org will allow you to link across to the assessor's office to look at the info they show on your home, or to the treasurer's office to check tax amounts. The actual property tax will be the assessed value of the property times the applicable levy rate for your location. The levy rate includes portions like school levies that have been voted on by the public. In Thurston County, the levy rate is often in the ballpark of $14 of property tax for every $1000 of assessed value.
State law also allows for several exemptions which may reduce your property tax considerably if applicable. There are exemptions for senior citizens (defined as at least one of the property owners being 61 or older), or owners who are 100% disabled and unable to work. There are several qualifications that apply, and you can get applications and all the info from the Assessor's office. There are also exemptions for remodeling, and for some land which is used for agriculture or is planted in timber. Again, the applications and information about these exemptions can be obtained thru the County Assessor.
Property taxes pay for many of the services we all use and appreciate - from schools to roads to libraries to medic one. You can get the breakdown of where all those dollars go from the Treasurer's office as well as the exact current levy rate for your property (it will also show up on your property tax statement).
And, in a market that continues to appreciate like ours still is doing - the good news is it is almost a certainty that the value you will pay taxes on is lagging behind the true market value of your home!