Living Green Olympia: More Questions Buyers Ask - How Do Property Taxes Work When I Buy An Olympia WA Area Home?

More Questions Buyers Ask - How Do Property Taxes Work When I Buy An Olympia WA Area Home?

 

Buyer/Seller Questions

More Questions Buyers Ask - How Do Property Taxes Work When I Buy An Olympia, WA Area Home?  This is a frequently asked - and really good - question when buyers first become home owners or first move to the Olympia, WA area.

Property taxes are one of the main sources of revenue in Washington since this state does not have an income tax, and they are assessed and collected in each county.  The Thurston County Assessor's office will annually assess the home you buy, and then the following year you will receive a property tax bill based on that assessment of market value.  The rate used to calculate the tax varies within the county, and is partly made up of voter-approved levies for things like schools.  (Currently the total property tax rate runs about $10.25 of property tax for every $1000 of assessed value, on average).  The MLS listing sheet will show the current year's property tax amount for the homes you are considering buying.

Property tax notices are mailed out mid-February each year, with the first half of the total amount due no later than April 30th and the second half due no later than October 31st.  When you buy the home you choose in the Olympia, WA area, the property taxes will be prorated between seller and buyer as of the date of the closing of that sale.  Then the county will be notified about the ownership change so that future tax bills will come to you as the new owner.  In many, many cases your mortgage payment will include an amount for property taxes, so that although you will still be notified of the annual assessment and the annual tax amount, it will actually be your mortgage company that will pay the County Treasurer when taxes come due.

There are some property tax exemptions you may qualify for if you are over the age of 61 or disabled.  Be sure to contact the County Assessor's office for more information about the exemption requirements, and to make application if you fit the criteria for an exemption.

And yes, most all of us grumble a bit about paying taxes - but we also do like to know that the police, fire department, schools, libraries, roads etc will be there when we need to use them.

                                                                           

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For Info on the Communities of Olympia, Lacey & Tumwater  WA and the real estate to be found here, just call me, text me, email me!  And I'd love for you to subscribe to my blog.

Nancy Conner, City Realty Inc,    360-701-1086     nancy@cityrealtyinc.net      

4 commentsNancy Conner • January 17 2011 05:50PM

Comments

A great post, Nancy, clear and well thought out. I liked it so well I may steal the idea and write one for Wisconsin. Like all things real estate, it's always a little different in other states. (We've got both property tax and income tax, and some different rules.)

Posted by Fred Hookham (Keller Williams) almost 4 years ago

Thanks Fred!  You are so correct that all things real estate vary a bit (or a lot) by state, so it would be fun to read about how property taxes work in your neck of the woods.  I will watch for your post!! 

Posted by Nancy Conner, Olympia/Thurston County WA (Managing Broker - City Realty Inc) almost 4 years ago

Nancy,

Your property taxes are done very similarly to Colorado... g

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) almost 4 years ago

Hi Gordon - that's interesting to know as so many states have really different tax structures. 

Posted by Nancy Conner, Olympia/Thurston County WA (Managing Broker - City Realty Inc) almost 4 years ago

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