Property Taxes in WA (Olympia, Poulsbo: sale, real estate, assessor)

[orlandoyankee]

I've been looking into retiring to the western WA region in about 3 years. I've been looking at MLS websites for the areas I am interested in (Poulsbo area, Olympia area) and noted that the property taxes shown for an average $300-350K house is in the $3500/yr range. My sister who also has looked into WA told me that she heard that the property tax issue in WA is getting outrageous. I take that to mean that they are increasing dramatically. I'm trying to get a feel if WA property taxes are going to rise to stratospheric levels (such as maybe in Long Island, NY or northern NJ). I'm hoping that this is not the case as I really fell in love with WA over the 3 times that I have visited there. Any info on this?

[cdelena]

My property taxes in Clark county are about 1% of appraised value (which is certainly better than the 2.7% I was paying in Texas). In the three years I have been here my taxes have gone down slightly every year.

[yukiko11]

A few years ago, the WA taxpayers passed legislation that the state could no longer raise the tax rates without a vote from the public. We still got scr**ed because instead of raising the tax rates, the just raised the property values every year instead of every 5 years. My taxes went up approx $300/yr for about 5 years in a row. Prior to that they went up $20-50 a year.
There is a provision for senior taxpayers over the age of 65 that they can have a reduction in their taxes. The retired people next door to me paid only $105/yr, but when they sold their home to their son the taxes went up to $1500/yr. Of course, you have to prove financial need in order to qualify for this.
Currently taxes are about 1% of appraised value, however, real estate isn't cheap in WA so the taxes are still high.

[azoria]

You should be interested to read this thread form a couple of months ago with a similar discussion.

Do you think Washington state taxes are burdensome?

[orlandoyankee]

Thanks for the info.

[Ultrarunner]

I love everything about Washington except the Property Tax Situation and it's not the Tax Rate... it's the ability of the Tax Assessor to raise or even double the Assessed Value.

I did a lot of research and WA Voters passed an Initiative several years back to limit Property Tax Increases which was thrown out several years later by the WA Supreme Court.

Doesn't really matter what the Tax Rate is if the amount of your Property Tax can double in 3 or 4 years...

There are some very active grass roots groups lobbying for Predictability in Taxes... so far, it's been difficult going.

Good your looking into this because it's easier to plan ahead than go into shock opening your property tax bill.

On a side note... WA has a hefty fee they levy on every property sale... something to be aware of...

[orlandoyankee]

Thanks for your input. I hope the tax situation works itself out in the next few years. I really like the western Washington area but if the taxes can double over the course of a few years, well, that takes me out of the game. Too bad

[West coast at heart]

Originally Posted by Ultrarunner

On a side note... WA has a hefty fee they levy on every property sale... something to be aware of...

Hi Ultrarunner. I had not heard about the property sale fee. Is this imposed by the state or the real estate company? Also, have you heard what that fee might be running?
That could sure increase the cost of buying a home.

[azoria]

No, it increases the cost of selling a home.

I believe the Washington state excise tax on the sale of a home is approximately 2% of the selling price.

[cdelena]

Originally Posted by azoria

No, it increases the cost of selling a home.

I believe the Washington state excise tax on the sale of a home is approximately 2% of the selling price.

Yes, it varies by location as it can be assessed by the local authority as well as the state. The majority of locations have a combined rate of 1.78%.