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OK nobody panic, but it’s almost…TAX TIME. For Washington State homeowners, this means you’ve probably received a little postcard letting you know your property’s assessed value and taxes due for 2025. Those with a mortgage on their home may be tempted to file this away and let the bank take care of it (after all, that’s what your mortgage escrow fund is for). However, everyone should take a close look no matter who is writing the check—you may be over-paying taxes if your home’s assessment is above fair market value. You or a loved one who is a low-income senior or disabled may also be paying too much if you haven’t taken advantage of available exemptions. Read on for solutions to these issues as well as important deadlines to keep you on track. (Looking for income tax tips, too? Check out this article for homeowners.)
Assessments & Valuation | Exemptions & Deferrals | Important Dates
Assessments & Valuation
Each county has an assessor tasked with appraising real property at its true and fair market value, according to the highest and best use of the property. Fair market value is defined as, “the amount that a willing and unobligated buyer is willing to pay a willing and unobligated seller.” While three appraisal methods are accepted, the most common approach is to estimate value based on sales of similar properties. This is known as the Market or Sales Comparison approach and is typically pretty accurate. In fact, it’s what real estate agents use when they prepare CMA valuation estimates.
However, the county’s assessed value can be incorrectly high for a number of reasons. For example, if your property suffered recent damage or depreciation that wasn’t taken into account (physical inspections are only required once every six years). The highest and best use might also be incorrect, such as vacant land that is assessed as develop-able but in fact cannot support a septic system.
If you feel your assessment is too high, there are a number of steps you can take. A good first step is to contact your local county assessor’s office. You can request copies of the comparable sales that were used to appraise your property’s value, and can also inform them of any errors or information that should have been taken into account. Disagreements are often settled at this level without any further action needed.
If you can’t come to a resolution with the assessor, the next step would be to file an appeal with your county’s board of equalization (BOE). If you or the assessor disagrees with the BOE’s decision, it can then be appealed to the State Board of Tax Appeals (BTA). In some cases, the decision made by the BTA can also be appealed in Superior Court. Keep in mind that any appeal you make will require you to provide market evidence that the assessed value does not truly reflect the fair market value.
Exemptions & Deferrals
Low-income senior homeowners who are age 61+ or people unable to work due to a disability (or their surviving spouses/domestic partners age 57+) may be eligible for a property tax exemption. This lowers the amount of taxes that are owed each year. For King County, the maximum income is $84,000 (find income guidelines for other counties here).
Seniors, low-income or disabled people who don’t meet the guidelines for an exemption may still be eligible for a property tax deferral. While this doesn’t reduce the taxes owed, it does allow you to defer taxes (including special assessments and back taxes) as a lien on the property that can be repaid either as funds become available or when the property is sold. 5% interest is assessed on the deferred amount.
Find application info plus more property tax relief programs in this article on Property Tax Relief Programs.
Important Dates
January 1st: Property is valued for taxes due in the next year.
March 31st: Applications are due for the Senior/Disabled Deferral and Widow/Widower Assistance.
April 30th: The first half of property taxes are due (or full amount if you owe less than $50).
May 1st: 1% per month (12% per annum) is assessed on any overdue taxes.
June 1st: A 3% penalty is assessed for any overdue taxes in the current year.
July 1st: Deadline to file an appeal with the County Board of Equalization (BOE) for the current year’s assessment (or 30 days from the date of notification if it’s later).
August 31st: New construction is placed on the assessment roll based on the valuation determined July 31st.
September 1st: Applications for the Limited Income Deferral are due.
October 31st: The second half of property taxes are due.
December 1st: An 8% penalty is assessed for any overdue taxes in the current year.
December 31st: Property tax exemption applications are due for seniors and those with disabilities.
For more info, contact the Washington State Department of Revenue at dor.wa.gov or (360) 705-6705. You can also find a lot of great info in their Homeowner’s Guide to Property Tax publication.
Psst…I love giving you these helpful tips but they can’t replace the advice of your tax professional. Reach out to your pro for counsel on the best course of action for your unique situation.
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