State property tax revenue tops $9 billion
August 21, 2012
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.