Average Tax Assessment in Island County
Real Estate Values and Property Tax Valuation in Island County, Washington
In Island County, there are a total of 3,098 properties with a cumulative value of $877.4M. This accounts for 0.08% of all real estate value in Washington. The total amount of property taxes collected in Island County is $7.8M, with an average property tax rate of 0.89%. The average homeowner in Island County pays $2,616 in property taxes, which is significantly lower than the state average of $4,796. Property taxes are calculated based on the assessed value of the property.
The property tax timeline in Washington begins on January 1st when the property valuation date is set. Property value notices are issued from May to December and the property tax appeal deadline is July 1st or 30-60 days after the notice is issued. Finally, property tax bills are issued on February 14th.
Updated November 01, 2023
| Important Links | |
|---|---|
| Island Treasurer | (360) 679-7302 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | May - December |
| Property Tax Appeal Deadline: | July 1st or 30-60 days after notice |
| Property Tax Bills Issued: | February 14th |
| Real Property Tax Bill Due (1st of #): | April 30th |
| Real Property Tax Bill Due (2nd of #): | October 31st |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Not Available |
| Veteran | Available |
| Charitable | Available |
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Real Estate Statistics in Island County
Residential Property Taxes by Cities in Island County
Island County has an average property tax rate of 0.89%, which is lower than the national average of 1.08%. This rate is applied to all properties in the county, regardless of location. However, the effective property tax rate can vary significantly across the cities in Island County. For example, Oak Harbor has the highest effective property tax rate of 0.97%, while other cities such as Coupeville and Langley have lower effective property tax rates of 0.86% and 0.87%, respectively.
Overall, Island County has a relatively low property tax rate compared to other counties in the state. This is beneficial for homeowners in the county, as it helps to keep their property tax bills lower. However, it is important to note that the effective property tax rate can vary significantly across the cities in Island County, so it is important to research the rates in each city before making a decision on where to purchase a home.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Island County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Oak Harbor | $4,630 | $19,348 | $179,249 | $278,195 | $459,052 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Island County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Oak Harbor | $42 | $168 | $1,801 | $2,956 | $4,687 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Oak Harbor | 0.91% | 0.87% | 1.00% | 1.06% | 1.02% |
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Real Estate Values in Island County
The median home price in Island County, Washington has increased by 8.17% from October 2022 to October 2023, from $624.0K to $675.0K. This is indicative of a strong housing market in the area. Additionally, the home inventory in Island County has decreased from 306 in October 2022 to 235 in October 2023, indicating that demand for housing is outpacing supply.
Average Home Value in Island County, Washington
Last updated: November 2023
Percent Change in Total Home Sales in Island County
Last updated: November 2023
Percent Change in New Home Listings in Island County
Last updated: November 2023
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Mortgage Rates in Island County
Mortgages in Island County are a major part of the local economy, with a total outstanding loan amount of $241.7M. This amount represents a significant portion of the total home value in the county, and is indicative of the importance of home ownership in the area. The number of outstanding loans in Island County is 949, which is a testament to the strength of the local housing market.
The median mortgage rate in Island County varies across cities, with Oak Harbor having the highest median rate at 3.96%. This rate is slightly higher than the national average, but still relatively low compared to other areas. The lowest median rate in the county is also found in Oak Harbor, at 3.96%, indicating that there is not much variation in rates across the county. This is good news for potential homebuyers, as it means they can find competitive rates regardless of where they choose to purchase a home.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Island County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Oak Harbor | $82,111 | $127,356 | $190,271 | $263,867 | $383,131 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Island County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Oak Harbor | 2.90% | 3.44% | 3.96% | 4.91% | 6.09% |
Housing Expenses in Island County, Washington
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