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Old 07-26-2015, 03:12 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,688 posts, read 57,994,855 times
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Cost basis $120k

Cost basis has absolutely no bearing on WA property Taxes (residential).

Buy a bargain? Assessor will tax you at their Perceived FMV. (telling you that you got a bargain (underpaid) for the property) Yet will be taxed at FMV rate.

Commercial properties have more latitude (and success) to contest the valuation.
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Old 07-27-2015, 07:04 PM
 
Location: WA
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What is the actual mil rate in Vancouver ?

Here in Central Texas mine is about 2.6 so my property taxes are about $9,000 on an assessed property value of $335,000. That is probably pretty close to the actual property value or if anything a bit low. We have a homestead exemption which chops the rate down a bit for those who live in their houses.
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Old 07-27-2015, 07:15 PM
 
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"Homestead exemption"? What does that mean, exactly?
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Old 07-27-2015, 07:45 PM
 
Location: WA
5,439 posts, read 7,726,033 times
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In Texas if you live on the property then the first $15,000 of assessed value is exempted from property taxes. It only applies to your principal residence so vacation properties and rental or investment or commercial properties pay tax on the full assessed value.

Texas also has additional exemptions for over 65 and for blind/disabled property owners that are also pretty small.

It is nothing to to with homesteading in the pioneer sense. It is just a small tax break for the house or condo that you live in.
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Old 07-28-2015, 04:28 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,688 posts, read 57,994,855 times
Reputation: 46166
If you can report LOW income (under $35k IIRC), WA has some relief for seniors (No Homestead). Also for disabled. (need low income). Destitute Senior does not have to pay 'voter approved increases', BUT it is a deferral and accrues a 'tax lien' which will be settled at future sale of property.

My combined TX property taxes on 6 properties is 1/4th my ONE property in WA.
(be advised, all Grass (money to assessor) is GREENER in WA!). WA is a 'disclosure State', so property values are recorded and Transaction Taxed at sale price. Assessment has NOTHING to do with sales price, and will tend to be higher... sometime MUCH higher (10x). Whatever assessor can justify makes his (previously a her... Linda Franklin) job performance golden! (and his boss happy) and also helps to pay / justify for his new walnut furnished office with a great view.

For 'normal' TX comparisons... just validate the Levy. Worst I found was 2.5x higher mill levy in SOME parts of TX (not mine). but my TX Valuations are far less than my sales price or FMV (non-disclosure state). WA does not have the complicated School tax (separate in my part of TX and you have to pay separate). In WA my School obligation is ~ 50% of my $20k + tax bill (6 'cheesy' properties in WA). So about $10k. I homeschooled cuz our WA schools are so miserable, so in 30+ yrs have placed ZERO obligation on WA schools, and paid well over $100k for the benefit of schools. My Fire District is another killer (one of Highest in County). I got personal threats from district Firefighters when I contested their last levy increase. "gonna burn you out and watch it go to the ground"... Very comforting when your family is at home and you are working 12,000 miles away. Also EMS (same crew) required you to tape a $80 cash payment to your door if you wanted service and had contested their increase. Friendly bunch! (Chief finally got axed, but staff same). They abandoned my nearest fire station and moved next door to a full service community station with LOTS of PAID staff, 28 additional minutes further away from me. My insurance rates sky rocketed, but I feel safer with the fire dept further away . The Dept ALWAYS calls off "mutual aid" as soon as they roll, so a full service staffed 'city' station that is 10 minutes closer would have to stand by and let'r-burn...as they waited for 'incident commander' to show up from my district. (happens many times / day in medical and fire emergencies) Our district has a VERY high loss rate (life and property).

Hint: install fire sprinklers and use "Defensible space".



All is Greener in WA, unless blackened by a yet to repeat "Largest Wild fire in WA history". 238,000 acres in 36 hrs... 110 aces / minute. We are ripe for one of those (Sept winds are coming).

Last edited by StealthRabbit; 07-28-2015 at 04:49 AM..
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