State property tax revenue tops $9 billion

August 21, 2012

By Staff

Statewide property tax revenue increased 1.6 percent, or $143 million, to $9.3 billion in 2012, state Department of Revenue officials reported late last month.

The agency attributed $37 million of increased revenue from 2011 to construction.

The average assessed value for a single-family residence statewide dropped from $243,998 to $229,908 — and the average tax fell $10 to $2,708. King County is home to the highest average assessed value ($350,975) and average tax ($3,992) in the state.

Garfield County reported the lowest in both categories — $66,141 for average assessed value and $682 for average tax.

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

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