Washinton State ATOTer's

[kaizersose]

Considering a job offer and trying to normalize the salary. I know that there is no state income tax but I cant figure out what the average property tax is, even after reading the WA State Property Tax Manual.

Thanks for the help.

 

[jacob0401]

http://www1.leg.wa.gov/documents/Senate...ublications/2005/PropertyTaxManual.pdf

page 11, section h

$11.87 per $1000 assessed value...

 

[Shaotai]

it probably depends on the county. I'm in King County, where Seattle and Bellevue metro area is. I think we pay close to $4,200~4,300 a year! Our house is valued around $520,000. (Guessing by the other houses in our neighborhood...)

 

[kaizersose]

Originally posted by: jacob0401
http://www1.leg.wa.gov/documents/Senate...ublications/2005/PropertyTaxManual.pdf

page 11, section h

$11.87 per $1000 assessed value...

i read that exact document, not sure how i missed it.

how the hell do you afford houses? 12% average property tax, that's crazy! why wouldnt everyone just rent?

 

[Bryophyte]

Originally posted by: kaizersose

Originally posted by: jacob0401
http://www1.leg.wa.gov/documents/Senate...ublications/2005/PropertyTaxManual.pdf

page 11, section h

$11.87 per $1000 assessed value...

i read that exact document, not sure how i missed it.

how the hell do you afford houses? 12% average property tax, that's crazy! why wouldnt everyone just rent?

Check your math. I hope the job isn't in accounting. 😛

And who says that renters don't pay property tax? 😕 It's part of your rent.

 

[kaizersose]

Originally posted by: Bryophyte

Originally posted by: kaizersose

Originally posted by: jacob0401
http://www1.leg.wa.gov/documents/Senate...ublications/2005/PropertyTaxManual.pdf

page 11, section h

$11.87 per $1000 assessed value...

i read that exact document, not sure how i missed it.

how the hell do you afford houses? 12% average property tax, that's crazy! why wouldnt everyone just rent?

Check your math. I hope the job isn't in accounting. 😛

And who says that renters don't pay property tax? 😕 It's part of your rent.

nope, I am an engineer😱, just didnt get much sleep this weekend.

yeah, renters end up paying the tax as well, but typically, that is something that ends up favoring the renter over the owner. the rental market doesnt necessarily reflect the housing market, in fact, it usually doesnt.

example: my place rents for ~$2000, yet would cost ~$900,000 (it's in San Fran, CA)

 

[Vic]

That's 1.2% or (as it's known in the real estate industry) a millage rate of 12 (i.e. 12 per thousand).
That's actually lower than most states, particularly NY and Texas.

Actual rate varies by school and fire district.

Renters don't really pay the property taxes, as the property owner is able to write those off his/her federal income taxes (and not just deduct them). That (and the owner's expectation of increasing equity) is the primary reason why rents are typically much cheaper than mortgage payments. The owner can also write off his mortgage interest as well (and not just deduct them). Form 1040 Schedule E, Supplemental Income and Loss. Because of this, investment property owners usually refer to cashflow as opposed to income.