Located on the shores of Lake Washington, the Inglewood-Finn Hill neighborhood has one of the higher rankings found on AreaVibes.com with a A+ for amenities, an A- for housing (the median home value
How Do Your Property Taxes Work
Let's start with the basics. Property taxes are paid to your local government, which is why a local government tax assessor is sent to your property to determine the value of your home. If you want to know more about your property taxes or your home's assessed value, you can contact your local assessor's office.
Here in Washington we have a bit of a unique property tax system. We have a budget-based structure, which means that cities, county, schools, fire, library, ports, etc., decide how much money to levy or budget each year for their regular levies, voter approved levies or both. Regular levies are limited to a 1% increase annually without going to a vote of the people.
Imagine a little city that consists of four homes, each exactly the same, and each appraised by the Assessor at $100,000. Let's also say that the annual city budget for our imaginary city is $1000. To raise the amount of the budget, each homeowner must pay $250. Four homes each paying $250 raises $1000. We tax enough to raise the amount in the budget. No more.
If you live in King County, you can use this tool to find out more about a specific property. If you live in Snohomish County, you can use this tool to find out more about a specific property.
Also located on these sites is information on how to contest your property assessment. If you believe that your home has been assessed too high, you can appeal it. There are also certain taxpayer assistance programs such as the senior citizen exemption or deferral, the income limited deferral, the historic property deferral, and others. Check the full list here.
As always, Team Troy is here to help in all your home owning, home shopping, home selling, home investing, and home financing needs. We can help you estimate things like property taxes, and other costs of owning a home. If we don't know the answer, we definitely know someone who does, and we will connect you. Call us today with literally any question - we are here to help: 206-745-3457
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