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39

HOW TAXES ARE CALCULATED

Last Year’s Assessed Value x This Year’s

Levy Rate = Tax Amount Due

2ND HALF TAXES DUE

BY OCTOBER 31

ST

PROPERTY TAXES ARE CERTIFIED

BY FEBRUARY 15

TH

MARCH CLOSING

EXAMPLE A

sale that closes in March

will have both parties

paying prorated

taxes: the seller pays for

January 1st to date of

closing, and the

buyer pays from the

closing date to June 30th

1ST HALF TAXES DUE BY

APRIL 30

TH

MAY CLOSING EXAMPLE

A closing that happens in May would give

the seller a refund for prorated taxes

from the closing date to the end of June,

since the seller would have paid in April

for the entire first half of the year.

ASSESSED VALUE

STATEMENT

The assessed value

statement for the

following year is mailed

out during the second

half of the year.

PREPAYMENT

2nd half taxes

may be paid any

time between

February 15th

and October 31st

without being

delinquent.

1st half taxes

may be paid any

time between

February 15th and

April 30th without

being delinquent.

No taxes may be paid

prior to February 15th

ASSESSED VALUE

VS. TAXABLE VALUE

The assessed value is typically the same as the taxable value except in cases where

the taxpayer has applied for and received an exemption. For example, senior and

disabled property owners may qualify for tax reductions. In some cases home

improvements may qualify for a 3-year exemption for taxes on the value of the

improvement. For more information on possible exemptions or tax deferrals, contact

the Assessor-Treasurer for the county in which the property is located.

ASSESSOR -TREASURER PROPERTY TAX HOTLINES:

King County: (206) 296-3850

Pierce County: (253) 798-6111

Snohomish County: (425) 388-3433

King County Treasury

500 Fourth Avenue, Room 600

Seattle, WA 98104

Pierce County Budget & Finance

P.O. Box 11621

Tacoma, WA 98411-6621

Snohomish County Treasurer

3000 Rockefeller Ave, M/S 501

Everett, WA 98201

MAILING ADDRESS FOR TAXES:

PROPERTY TAX - ANNUAL CALENDAR