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Local News

Property Tax Revenues Increase 1.6 percent in 2012

By NCBI
Jul 27, 2012

Property tax revenue increased 1.6 percent to $9.3 billion in 2012, with $37 million of the $143 million increase over 2011 stemming from new construction added to the tax rolls, the Washington State Department of Revenue reported today.

About 40 percent of property taxes result from voter-approved local levies and bonds and levy lid lifts for local taxing jurisdictions.

State and local school levies grew 2.3 percent to $5.1 billion. The school levy share of all levies rose slightly from 54.9 percent in 2011 to 55.3 percent in 2012. The state school levy increased 2 percent to $1.9 billion, while local voter-approved levies increased 2.5 percent to $3.2 billion.

County levies increased 1.2 percent to $1.5 billion for a 16.1 percent share of all property taxes. Okanogan County's levy increased 3.9 percent while the total assessed value of all property decreased by 2.2 percent. In Ferry county the levy increased 4.5 percent while the total assessed value of all property increased by 4.9 percent.

The average assessed value of a single family residence statewide dropped from $243,998 to $229, 908, and the average tax fell $10 to $2,708. Assessed values and taxes ranged from a high of $350,975 and $3,992 in King County to a low of $66,141 and $682 in Garfield County.



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