Re:A global house-price slump is coming
by lotsofpulp on Friday October 21, 2022 @12:58PM
(#33290327)
Seattle area property tax is usually around 0.75% of market value. Although, I would guess some are near or above 1% due to very recent declines in market value.
Re:A global house-price slump is coming
by __derek__ on Friday October 21, 2022 @02:16PM
(#33291254)
That seems low. My taxes were $9.40 per $1000 of assessed value in 2022. From searching around, I see an average 0.88% for King County (and apparently Pierce and Snohomish are higher).[1]
[1]: https://www.tax-rates.org/washington/king_county_property_ta...
Re:A global house-price slump is coming
by lotsofpulp on Friday October 21, 2022 @02:22PM
(#33291326)
Yes, last time I checked, the numbers were still based on outlier price increases in 2020 and 2021. It may already be at 1% or even higher for many people.
It also isn’t uncommon to see a big difference between the sale price and assessed value. One datapoint would be a $4M purchase that is only taxed at $2.2M the first year after the deal closed. At least in King County, the valuations do seem to “catch up more quickly” after a sale, so at +1y it might be $2.8M, at +2y it might be $3.3M, but to be paying >$30k here in taxes you’d need a >$3M assessed value home.