Washington Ranks in Bottom Half for Highest Property Tax
Benjamin Franklin, famously, once said that the only certainties in life were death and taxes. For some, more than others. Taxes, that is. Where does Washington state rate when it comes to property tax?
As we all are getting prepared to file our 2020 Federal income taxes, it, once again, gives us pause to wonder how much of our hard-earned income goes to taxes in all of their forms.When it comes to property tax, those of us in Washington rate in the bottom half for the most heavily taxed on our property.
According to a study by our good friends at WalletHub.com, "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 $442."
We in Washington rank #29 out of 51 states (including the District of Columbia) averaging $3,326 based on a $339k median home price. Based on a median home price of $217,500 (closer to the average in Yakima County) we can expect to owe $2,134 in property tax each year.
Our Pacific Northwest neighbors fared slightly better with Oregon ranking #27 and Idaho #14. Red (Republican-leaning) states average #22 while blue (Democrat-leaning) states average #29 (sound familiar?). On the upside, the state of Washington is one of 24 states that do not levy an annual tax on automobiles so we can be thankful for that!
Where do Washingtonians stack up versus other states in the union? Use this hand dandy interactive map and scroll over it to find out!
Mind yo chicken and rock on! \m/ \m/
Todd E. Lyons, Esquire