Washington property owners pay 13th highest taxes in the nation
March 8, 2022Property owners in Washington state pay some of the highest real estate taxes in the nation, according to a new survey by WalletHub.
The personal finance website’s “2022 Property Taxes by State” report, which came out Wednesday, compares home and vehicle taxes across the nation.
According to the report, the Evergreen State gets a No. 29 overall ranking out of all 50 states and the District of Columbia in terms of real estate property taxes. The median value of a home in Washington is $339,000, per the report, which translates into $3,326 in annual property taxes.
Real estate taxes are the same as real property taxes. They are levied on most properties in America and paid to state and local governments. The funds generated from real estate taxes, or real property taxes, are typically used to help pay for local and state services.
They are not the same thing as a real estate excise tax, which is a tax on the sale of real property.
While real estate taxes cover only taxes on real property like a condominium, home, or rental property, personal property taxes are levied on tangible and movable personal property, including automobiles.
“Washington has the 22nd highest real estate property tax rate at 0.98%,” WalletHub analyst Jill Gonzalez explained. “However, the state’s median home value is $339,000, a lot higher than the national median home value of $217,500. This means that the actual amount that Washington residents pay in real estate taxes is the 13th highest in the country, averaging at $3,326.”
Oregon ranks 16th highest in the nation in terms of the actual amount paid in real estate taxes, with $3,037 in annual taxes paid on a median home value of $312,200. Idaho, on the other hand, ranks 15th lowest in the nation, with $1,456 in annual taxes paid on a median home value of $212,300.
By default, Washington fared better on the other measure, being one of 23 states and the District of Columbia that do not have a vehicle property tax.
“The average American household spends $2,471 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $445,” the WalletHub report states.
This article was originally posted on Washington property owners pay 13th highest taxes in the nation
