Washington Buyer and Seller Guide for Title and Escrow

39 HOW TAXES ARE CALCULATED Last Year’s Assessed Value x This Year’s Levy Rate = Tax Amount Due 2ND HALF TAXES DUE BY OCTOBER 31 ST PROPERTY TAXES ARE CERTIFIED BY FEBRUARY 15 TH MARCH CLOSING EXAMPLE A sale that closes in March will have both parties paying prorated taxes: the seller pays for January 1st to date of closing, and the buyer pays from the closing date to June 30th 1ST HALF TAXES DUE BY APRIL 30 TH MAY CLOSING EXAMPLE A closing that happens in May would give the seller a refund for prorated taxes from the closing date to the end of June, since the seller would have paid in April for the entire first half of the year. ASSESSED VALUE STATEMENT The assessed value statement for the following year is mailed out during the second half of the year. PREPAYMENT 2nd half taxes may be paid any time between February 15th and October 31st without being delinquent. 1st half taxes may be paid any time between February 15th and April 30th without being delinquent. No taxes may be paid prior to February 15th ASSESSED VALUE VS. TAXABLE VALUE The assessed value is typically the same as the taxable value except in cases where the taxpayer has applied for and received an exemption. For example, senior and disabled property owners may qualify for tax reductions. In some cases home improvements may qualify for a 3-year exemption for taxes on the value of the improvement. For more information on possible exemptions or tax deferrals, contact the Assessor-Treasurer for the county in which the property is located. ASSESSOR -TREASURER PROPERTY TAX HOTLINES: King County: (206) 296-3850 Pierce County: (253) 798-6111 Snohomish County: (425) 388-3433 Spokane County: (509) 477-3698 King County Treasury 500 Fourth Avenue, Room 600 Seattle, WA 98104 Spokane County Treasurer PO Box 199 Spokane, WA 99210 Pierce County Budget & Finance P.O. Box 11621 Tacoma, WA 98411-6621 Snohomish County Treasurer 3000 Rockefeller Ave, M/S 501 Everett, WA 98201 MAILING ADDRESS FOR TAXES: PROPERTY TAX - ANNUAL CALENDAR Benton County Treasury 5600 W Canal Dr Ste A Kennewick, WA 99336